London IT job market shrinks

by Editor 10/22/2008 4:30:00 PM
The number of IT jobs in London and the South East region has dropped eight percent in the current recruitment slowdown in the financial services sector, according to a recent research conducted by IT staffing firm ReThink Recruitment.

The economic recession has “disproportionately harmed” the creation of the IT jobs in areas where financial services are concentrated, the study reveals. As a consequence, the number of new tech jobs in the region has dropped from its peak of 65.5 percent in 2006 to 57.6 percent in 2008.

The ReThink study also states that compliance and risk management will boost the number of IT employees, while sector consolidation is expected to attract IT specialists to integrate disparate systems.

“Central government departments in London have become major users of IT skills since the last downturn, which should provide some ballast to the jobs market. Any cutbacks by the public sector are unlikely to be as deep or as aggressive as in the private sector,” says the study.

The IT job market has not suffered in all UK regions, however. The North West witnessed an increase of IT jobs, from 6.6 percent in 2006 to 9.2 percent in 2008, while the West Midlands saw IT jobs rise from 5 percent to 6.7 percent in the same period.

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