3 weeks ago

London Could Lose 90,000 White-Collar Jobs by 2031

London Could Lose 90,000 White-Collar Jobs by 2031
London Could Lose 90,000 White-Collar Jobs by 2031 · easterneye.biz

Some people who work in banks, law offices and accounting firms may move from London to other cities in the UK.

A company that helps people find jobs thinks up to 90,000 of these workers could move by the year 2031.

That sounds like a lot, but it is only a small part of everyone who works in London.

These workers could make other cities stronger by bringing new jobs and spending money there.

The cities expected to gain the most are Manchester, Birmingham and Leeds.

Companies might move because London is very expensive and there are not enough offices.

Many people now work from home part of the time, which makes it easier to have teams in different places.

The bosses will probably stay in London while other workers spread out.

This change would happen slowly, not all at once.

If it happens, cities outside London could become richer and busier.

Key facts

Forecast by
Robert Walters (recruitment company)
Jobs expected to leave London by 2031
Up to 90,000
Share of London's workforce
2.5%
Estimated boost to regional economies
£9 billion (up to £15 billion with wider spending effects)
Projected relocations
12,000 by end of 2027; 45,000 by 2029
Northwest England forecast gain
22,500 jobs, up to £2.25 billion
Midlands forecast gain
18,000 jobs, about £1.8 billion
Yorkshire forecast gain
13,500 jobs, about £1.35 billion

Quotes

Daniel Harris

Managing director, UK, Robert Walters recruitment firm

“The movement could accelerate as businesses continue to face high costs and hybrid working allows them to create more geographically dispersed teams.”
easterneye.biz
“The benefits could spread through local economies as professionals move into regional cities and increase demand for businesses supporting them.”
easterneye.biz

Sources

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