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London and South East home to two thirds of all new IT jobs
Posted Aug 22, 2011
A recruitment company says that London is home to one third of all IT jobs, with 40% of all new UK IT jobs being created in the capital, up from around the 34% recorded in June 2008 just before the recession took hold.
ReThink Recruitment, who carried out the survey, said that London is becoming a major hub for new technology start-ups, and industry giants such as Google and Cisco have recently invested in parts of East London.
According to Michael Bennett, director at ReThink, London has a lot to offer specialised technology firms, including relatively competitive office rentals, and a good source of recently qualified IT candidates.
Venture capital firms are also looking to London as a good destination to develop start-up enterprises, as Silicon Valley investments are seen by some as "overpriced".
Bennett also claimed that the boom in IT recruitment in London owed much to the recovery in the financial sector, and the need for new IT systems to meet new compliance rules which were created in the fallout of the credit crunch.
"London has a large number of banks and financial services firms headquartered in the city, and many of these responded to the downturn by cutting IT departments. When business volumes increased, so did requirements for qualified IT staff.
"Regulatory pressure and greater reporting requirements are also forcing banks and other city firms to strengthen their compliance and risk management IT systems. Many are restructuring their front office IT systems to ensure greater transparency, which could explain this on-going demand."
Other factors which have led to a boom in IT recruitment in the capital include the unprecedented number of mergers between financial services firms following the credit crunch, which has resulted in delayed projects finally going live.
Second to London, the South East region accounts for a further 23.9% of new IT jobs being created. All other UK regions registered 6% or less of the total, suggesting that a significant North/South split exists in the IT jobs market. This trend has been exacerbated by the higher proportion of public sector IT roles which exist outside of London and the South East.
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