41,000 extra jobs will be created in the City of London by 2023, according to a newly released report.

The report, commissioned by the City of London Corporation, confirms that the pace of economic recovery in the City has outpaced the UK average. Employment within the City is projected to have increased by 24.3 percent between 2009 and 2013 – an addition of 85,000 jobs.

The Professional Services sector will account for more than half (8,400) of the 15,000 new jobs predicted to be created in the City over the next 2 years and is expected to generate 25,000 new jobs by 2023. The Technology, Media and Communications (TMT) sector is also forecast to enjoy continued expansion. The financial services industry will remain the single biggest industry in the City, with 165,000 workers.

Mark Boleat, Policy Chairman at the City of London Corporation, said: “As one of the world’s leading financial centres, the City is crucial for driving growth across London and the UK. This very positive report shows that growth continues to put down roots across the City’s industries, especially in the key new areas of technology and media. The growth in productivity is also extremely positive news, and will reinforce the City’s competitive position and support growth in key industries.”