While the coronavirus has meant that many UK firms have slowed down hiring, it has by no means stopped. This may be an undoubtedly tough period, however, many sectors, such as life sciences, healthcare and logistics are still registering live roles along with finance, HR and digital marketing. Despite the severe blow that the UK economy has been facing, it remains very strong and unlike the 2008 global financial blow, it’s well-placed to recover with the capital city leading the way for new creation of jobs in London. In fact, Boris Johnson stated that the economy will take a short-term hit from the coronavirus outbreak but should come “roaring back” as the disease declines.
New Jobs In London: The Recovery Phase
A new survey conducted by Knight Frank indicates that the UK markets with a strong international appeal, such as Edinburgh and London are likely to recover faster and lead the way into creating new jobs, with the capital potentially able to achieve recovery by Q4 2021, if the lock-down lifts by the end of Q2 this year. Specifically, the forecast predicts a V-shaped, stepped recovery, with growth beginning slowly in Q3 followed by substantially stronger growth in Q4 as consumer confidence returns. In doing so, new jobs in London are expected to be created, starting from Q3 onward.
Hospitality & Tourism: While hospitality, tourism and service industries are anticipated to recover faster, media and entertainment are bound to follow creating new jobs in London, uplifting our collective mood. Education, manufacturing, and production sectors will presumably experience a sharp uplift too, in order to make up for lost time.
Consumer goods & Pharma: Sectors such as consumer goods and durables, pharma, diagnostics and utilities may also be included in the early ones to recover, as the impact on their businesses and stocks has been minimal compared with many other sectors.
Construction: For those in the construction industry the role in the recovery phase is less apparent. Overall, the industry contributes up to 6% of the UK’s GDP, 7% of jobs and 13% of businesses. Construction is a high-cost, high-risk, long-term activity, and so its performance is a good indicator of the heath of the wider economy. When the economy falters, construction investment grinds to a halt, but when the economy begins to recover, the construction industry can quickly overheat.
To ensure growth is meaningful there should be a reduction in inequality to mitigate future challenges, whilst providing access to the right skills, well-paid employment, strong in-work training, and properly funded benefits. London is expected to set in place well-designed recovery packages to boost demand and employment in the short term, boost productivity and competitiveness in the medium term, and bring about the transformation needed for inclusive, sustainable and resilient growth in the long term. As a result, an early start to stimulus packages will boost confidence, counteract the contractionary pressures in the economy through direct and spill over effects, creating much needed new jobs in London.
Undoubtedly, these are challenging times for everyone. However, sooner or later slow-downs, and recessions are inevitably followed by economic booms, where hopes are high. What’s more, job boards and apps like Zoek can help you find jobs in London even throughout tough times. So, if you are currently job searching, visit Zoek today, and let your new job find you. For further employment advice and information, visit our Zoek Blog.
Interested in finding out more about the subjects raised on this page?
Simply click on the tags below to read related blog posts...