Increase of 100,000 financial London jobs to be expected

More than 100,000 new financial jobs in London could be expected within the next 10 years, according to renowned hedge fund in the capital.

Savvas Savouri, chief economist at Tosca told the Financial Times that the growth in Bric nations, namely Brazil, Russia, India and China, will benefit London.

“The idea that London is going to be full of tumbleweed in 10 years is not credible.

“There are too many aspirational economies that don't have infrastructures of their own. We have an affinity with India, with the Gulf, even with China, via Hong Kong. These markets will want a western hub.”

Savouri’s prediction is based on the expansion of the Japanese banking sector in London over the last 20 years.

The forecast is also in direct competition with the recent widespread concern that 9000 bankers in London jobs will relocate as a result of supertax on bonuses.

Tosca said the distress is unnecessary and told the newspaper: “For those concerned that tax and regulation will deflect new arrivals from London, we say this: taxes are rising and regulation is being tightened elsewhere too.”