Tech industry providing huge boost to East London job market
London’s ever-advancing tech industry has been hailed for single-handedly bringing down unemployment levels, article.wn.com reports.
Official figures show that the number of people claiming Jobseeker’s Allowance dropped rapidly across the East of London during recent months. This far outstripped other declines across London and the UK as a whole, which has since been put down to the area’s growing tech credentials.
In the year to February 2014, East London claimants of Jobseeker’s Allowance fell by around a third. with the best results coming from Old Bexley and Sidcup, where the figure fell by 36.3 per cent. Croydon South, meanwhile, noted a 34.3 per cent drop, whilst it was 32.5 per cent in Ilford North. Bexleyheath and Crayford followed closely behind, on 32.4 per cent.
When placed on a map, these above-averaging areas plot a crescent shape, all with links to East London’s tech district. This is what has prompted analysts to suspect that the tech world could be responsible for many of the new jobs.
Offering his perspective on the findings, Gerwyn Davies of the Chartered Institute of Personnel and Development told standard.co.uk: “The fortunes of the city are becoming less imbalanced with more investment in East London, particularly in high-tech and other new industries.
“It’s almost become a magnet for young people in particular.”