Member Article

Management consultancies in the City to add £255m to London economy by 2021

The continued boom in SME numbers in the capital will show no signs of abating following Brexit, according to new figures released by npower Business.

With the number of small and medium businesses in London now over 1m, which is a jump of 41% since 2010, SME-sized businesses in areas including management consultancy, fund management, computer programming, temporary employee agencies and head office activities are set to drive a 2.4% growth in London over the next five years.

According to the nPower’s figures, management consultancies alone will add an additional 3,000 jobs to the City by 2021 while temporary employment firms and businesses supporting head offices activities are predicted to contribute a further 2,000 jobs combined.

In total, SMEs in the five identified sectors will create around 10,000 jobs in the City and add £660 million to the City of London’s economy annually by 2021 according to nPower’s report.

Richard Longbottom, Head of npower Business, said that the figures marked an exciting prospect for the City, which he backed to thrive despite the ongoing doom and gloom surrounding Brexit.

He said: “The City’s resilience and adaptability have always been impressive – and it’s exciting to see a new generation of financial sector SMEs emerging, and super powering the city.”