London “stands out” as area with high private sector growth
London is one of a handful of areas in Britain that has managed to counter-balance heavy cuts in public employment by freeing up countless opportunities in its flourishing private sector.
This is according to a report published today (February 14), which claims that some 1.1 million public sector jobs will have been cut between 2010-2019.
If realised, itv.com says this cull would be almost three times larger than the reduction in public sector workers during the early 1990s.
However, according to the Institute for Fiscal Studies (IFS), this will be outweighed by rapid growth in private sector employment across a number of regions.
One of the fastest-growing areas for private employment is London, which could provide job opportunities for ex-public sector workers from around the nation.
The IFS noted: “London and Scotland stand out as those areas with the fastest private sector growth, while the North East and West Midlands face relatively large cuts to public employment and slower private employment growth.”
Independent.co.uk says the report also noticed a huge increase in private sector employees delivering services traditionally fulfilled by the public sector.
One profession which has been driven by private sector growth is Nursery care, where 70 per cent of workers are employed by private companies.
Due to this trend, certain ex-public sector employees should find it easier to make the transition into the private realm.