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A study carried out by the Confederation of British Industry (CBI) and KPMG shows that recruitment in the capital is stable. The survey was carried out on 188 London companies, half being Small and Medium Enterprise’s. The results of the survey revealed that 57 percent of businesses now have normal recruitment levels, compared to 45 percent in the six months previously.

Companies who are making staff redundant are now down to 20 percent, an improvement on the previous figure of 29 percent. However, the 20 percent of companies who are cutting staff shows that the economy remains unstable. Half of larger companies are confident about their prospects in the coming six months, while slightly more SME’s are showing confidence, despite their fears for the economy. In complete contrast to previous fears caused by public spending cuts, companies are now concerned with threats of a double dip recession, increasing prices and rate of inflation and tax increases.

The majority of companies surveyed believed that the Olympics would increase visibility for London internationally, with almost 75 percent of businesses confident that regeneration of the Capital would improve. The chairman of the London KPMG, Richard Reid said:

“While putting on an amazing Games to showcase London at its best is essential, it is the legacy that the Games will leave for businesses and Londoners beyond 2012 that is a vital part of hosting the Games next year, and it is obvious that more needs to be done to communicate this effectively.”

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Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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