All eyes on unemployment figures in Greater London

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Published on Wednesday, 12 October 2011 14:51

Last Updated on 12 October 2011

Monica Costa

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Fears grow of double dip recession as economic growth remains low but positive in Greater London.

Unemployment in the UK hits a 17 year high today, putting pressure on the government to come up with a better economic strategy. Official figures showed today, unemployment increased by 114,000,surpassing the 2.5 million peak seen earlier this yearto 2.57 million. The number of young people out of work is close to the million mark, with 991,000 16-24-year-olds out of work.The new figures, which take into account the last three months, are the worst since records began in the early 1990s.

The young have been disproportionately affected and therefore it’s increasingly important that they gain work experience early on or opt for new opportunity such as apprenticeships.

Liz Field, CEO of Financial Skills Partnership said, “The job market remains extremely competitive, so it is very important for young people in Greater London to be flexible, some experience is better than no experience. Young people should look at initiatives such as work experience to differentiate themselves and develop a range of transferable employability skills that employers are look for.”

Along with young people, women have also emerged as one of the hardest hit groups.

Liz Field said, “With market places becoming more diverse now than ever before there is a growing demand for the invaluable skills that women bring to the work place at every level. Both in the customer facing roles and in senior positions where they are able to shape policy to engage the rapidly changing landscape that companies are operating in.”

Although unemployment is continuing to rise in Greater London, more and more companies are exploring alternative initiatives, which will enable them to attract the top talent to help them become more competitive, survive and grow in challenging market conditions.

The Financial Skills Partnership’s recently re launched Directions a free online careers destination for people to gain insight into the financial sector and pursue career opportunities with leading organisations.

Liz adds, “We know from first-hand experience and our strong relationship with careers advisers and teachers prospective job applicants are confused as to where to start to find out about opportunities. Our new portal enables young people to obtain first-hand experience of the world of work.”

Liz concludes “Employers are responding with innovative vocational alternatives to university and work experience. Directions provides them with an industry-wide mechanism to change the way that young people find out about, evaluate and access these opportunities.”

For more information on the directions portal, please visiT www.directions.org.uk/

Notes to Editors and Journalists on the Financial Skills Partnership
‘FSP’ and the Financial Skills Partnership is the new name for the Financial Services Skills Council.
It is the skills champion for finance, accountancy and financial services organisations to provide employer leadership to address skills needs within our sector and galvanise employer ambition and investment in skills.
Their new name better describes the organisation’s partnership working approach with stakeholders and employers and is fundamental to their culture.
The Financial Skills Partnership (FSP) is a strategic, impartial, employer-led organisation which aims to support employers in developing and retaining a skilled workforce in finance, accountancy and financial services across the nations and regions of the UK. It acts as a link between industry, government and education. It is also a UK-wide sector skills council, licensed by the Government to articulate the employers’ voice on skills and develop innovative skills solutions.
The FSP covers the whole of the finance function including accountancy and finance, banking and building societies (wholesale and retail), financial planning, insurance, wealth, investment management and pensions.
All of these sectors have Sector Panels and there are also 3 nations panels. The purpose of these is to provide strategic direction regarding the future demand for skills and prioritising for the sector or nation.
The FSP is one of a number of Sector Skills Councils. Visit www.directions.org.uk/ for more information. SSCs are key strategic partners in creating the conditions for increased investment in skills.