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The Department for Work and Pensions has announced the largest increase in employment figures since 1997.
Data issued by the Office for National Statistics showed 29.5 million people in work and redundancies at an all time low.
Stephen Timms, minister for employment and welfare reform, said: "More people now than ever are in work, while unemployment continues to fall – showing strong performance in spite of the current global economic uncertainties."
The announcement appeared at odds with a study by the Centre for Economics and Business Research, which estimated 11,000 City workers could lose their jobs this year, followed by a further 8,200 in 2009.
Peter Redshaw, research director at Gartner, told Computer Weekly it may even be a good time for IT companies.
"Customers move banks more often than they used to, and banks need to differentiate themselves and innovate. IT is one way for them to do this," he said.
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