Roughly 90,000 white-collar jobs in London could be relocated to other areas of the country, according to a prediction by recruitment firm Robert Walters. This potential shift is attributed to Prime Minister Andy Burnham's accelerated devolution drive.
Legal, banking, and accounting firms are among those that could move jobs away from the capital. This move is seen as a way to capitalise on the Prime Minister's agenda and take advantage of cheaper office space and employment costs, as detailed in a new report from Robert Walters.
The migration of these roles could provide a £9bn boost to regional economies over the next five years. This figure could potentially increase to £15bn annually due to increased local supply-chain demands and consumer spending in the affected areas, the company stated.
Robert Walters predicts that up to 12,000 jobs could move out of London by the end of 2027, rising to 45,000 by 2029. The North West is projected to be a significant beneficiary, with approximately 15,000 to 22,500 jobs settling in the region by 2031, potentially injecting £2.2bn into its economy.
Prime Minister Burnham has reiterated his commitment to delivering "good growth in every postcode" and has announced policies aimed at granting greater powers to the regions. He also opened a No 10 North office at the end of July.