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Past three years see 380,000 private sector jobs created in London

14 Mar 14  | Business Support |  Recruitment News
 

A new report has shown that between the beginning of 2010 and the middle of 2013, London saw the creation of 380,000 jobs in the private sector.

According to standard.co.uk, the study by the Institute for Fiscal Studies (IFS) also revealed that over the same period, 50,000 London jobs were lost in the public sector.

This means that for every job lost in the capital, eight new ones were created.

Work and pensions secretary, Iain Duncan Smith, commented on the good news: "This job creation means more Londoners with a wage in their pocket and security for their family.

"It shows just how wrong our critics were when they said the private sector wouldn't be able to replace jobs lost in the public sector as we bring spending under control."

Across the entire UK, around 1.1 million jobs in the public sector are estimated by the IFS to go between the financial years of 2010-2011 and 2018-2019, reports independent.co.uk. This means that 19 per cent of all public sector jobs will cease to exist come 2019.

However, it is believed this drop in employment will be outpaced by the rise in employment in the private sector, as around 3.1 million private sector jobs will appear over the same period.

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