25,000 new jobs in the City

Summer is traditionally a slow period but this year hiring hasn't let up as expected, with increased demand for bankers, traders, in-house lawyers, accountants and hedge fund managers.

Recruitment firm Joslin Rowe says it experienced a near record summer, with demand for new London recruits surging by 16.4% between June and July, translating into over 25,000 new jobs in July.

But the number of people applying for such jobs has failed to keep up with the demand. Candidates registering for new jobs rose by 9.6% in London from June to July, but this total was well short of what was needed to fill all the job vacancies.

However, basic salaries in the City have been relatively flat during 2006 despite strong demand for staff across the financial services industry.

Average salaries for high fliers are up 4.5% over the past 12 months, according to Joslin Rowe's data, but so far this year have been relatively stable at just under 100,000.

Joslin Rowe managing director Tara Ricks says she expects demand for new recruits to continue to be strong in the autumn.