Forecasts on employment in the UK financial district have been revised upwards.

Recruitment business start-ups may want to outsource their back office systems in order to free up time to capitalise on a potentially busy future forecasted in a new report.

The Centre for Economics and Business Research (CEBR) has revised upwards its forecasts on employment in the UK financial district.

Forecasts have been pushed up by more than 50 per cent after strong first quarter results, suggesting that headcount in the City of London could grow by 14,000 this year.

An estimated 22,000 jobs will be created in the sector over the course of the next two years, which is a positive development, according to one of the report's authors Benjamin Williamson, an economist at CEBR.

"The fact that the City is looking healthier is by and large a good thing. There are significant benefits from a dynamic City such as the tax revenues that fund a large part of public spending," he explained.

He went on to add that "it is going to be critical to provide a form of regulation which looks after the stakeholders of the City and aids the recovery of the UK economy".

Hiring activity is picking up, the Recruitment and Employment Confederation recently confirmed.