30
January
2020
|
13:43
Europe/Amsterdam

International workers surge in City financial services

The proportion of workers in the City of London’s financial services sector born outside the UK jumped to 36% in 2019, up from 32% a year earlier, according to new data from the ONS.

The workforce of financial services excluding insurance – a sub-sector with by far and away the lowest share of international workers (19%) – in the Square Mile was even more diverse last year with 43% born overseas, up from 38% in 2018.

Overall, the share of international workers in the City dipped marginally from 40% to 39% as a result of small decreases in other sectors such as professional services, business support services and tech.

Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“The UK must remain open to international talent in order to compete on the world stage.

“We are proud to welcome people from all over the globe in the Square Mile, from America to Australia and Belgium to Bangladesh.

“As we prepare to leave the European Union, the City will continue to recognise the vital contribution that international workers make to our local economy and community.”

The figures are published today alongside the City of London Corporation’s annual City Statistics briefing, which outlines key figures relating to the Square Mile’s workforce, business cluster and economic contribution. This shows that there were 522,000 jobs in the City of London in 2018, a 2% increase in employment on the previous year. Financial, professional and business services were the largest employers in the City of London, accounting for 374,000 jobs in 2018. 

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk