Competiveness of London 'is under threat'
Posted on 5 December 2008
Just ten per cent of firms expect London's status as a world city will grow over the next five years, according to research conducted by the Confederation of British Industry (CBI) and professional services firm KPMG.
A number of factors, including the credit crunch, poor transport infrastructure, crime concerns and a shortage of skilled workers could all damage the competitiveness of the capital on a global scale, the study indicates.
Just 77 per cent of company bosses surveyed described London as a good place to do business this year, compared to 95 per cent in 2007.
Some 48 per cent of firms are worried about the depth of employability skills in London, while 41 per cent believe it may become increasingly difficult to find managers with expertise.
Richard Reid, London chairman of KPMG, commented that London is facing "tough challenges" on many fronts.
He added: "A strong commitment to improving the skills of Londoners, delivering the infrastructure planned and building a safe and secure environment are crucial to help London maintain its status as a world city."
Last month, Adecco Retail managing director Steven Kirkpatrick claimed that although recruitment in the UK has slowed, opportunities still exist for skilled and experienced workers.
Categories: PAYE Umbrella Company News
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