Tonight:
4°c
25,000 posts set to go in the capital by Christmas
Sri Carmichael and Katharine Barney14 Nov 2008
This recession map of London shows where the axe is falling on jobs because of the shrinking economy.
Camden, Westminster, the City and Hillingdon are expected to see the biggest job losses by Christmas.
More than 3,500 residents in Westminster are expected to lose their jobs, almost 1,500 in the City of London and 1,300 in both Camden and Hillingdon.
Across the city there are predicted to be nearly 24,497 fewer positions by the end of the year, with financial services, retailing and hospitality all shrinking in response to the credit crunch.
Economic consultancy Gavurin analysed the latest official data. The prediction is based on the economy contracting 0.5 per cent in July, August and September. But it takes up to three months for the effect to be felt directly on jobs.
Gavurin managing director Paul Miller said the impact of recession would be severe in Camden and Westminster as both support many finance, retail and hospitality businesses as well as a significant transport industry. "Many of their wealthier residents work in financial services in the City," he added.
Redundancies in Hillingdon, which hosts Heathrow and a series of industrial parks, will be caused by a slump in transport and storage services.
The unemployment rate in London is now 7.4 per cent, with 298,000 people out of work. Westminster council leader Colin Barrow said: "We cannot avoid the recession, but we can reduce the cost of living and deliver capital projects that maintain the fabric of the city."
He said Westminster would spend more than £100 million in the coming year on economic development.
Camden council leader Keith Moffitt said: "We are delivering initiatives such as three job training and brokerage centres. The King's Cross redevelopment has the potential to create 27,000 jobs over the next 15 years."
For more information visit www.recessionmap.co.uk
