David Fenton, head of microeconomics at Royal Bank Scotland, told attendees: “If there is one area in which we will see a recovery sooner rather than later, it is manufacturing. This will be focused on high valueadded production, rather than nuts and bolts work.”

Jon Rance, senior consultant at Jonathan Lee Recruitment, agreed with Fenton’s assessment: “The UK is well positioned to support growth in high technology coming out of the recession. We have a strong base of skills, and recruiters will be in a strong position to support the growth.”

In the long term, investment is set to grow in science and engineering sectors, while the finance and public sectors shrink, according to Fenton.

The 50-plus ago group is the only demographic to increase in employment levels, with just over 50,000 more people in employment year-on-year in March. Fenton said the trend had been caused, in part, by the benefits they can bring in terms of experience.

“One of the lessons we learned from the 90s is that you rout your management at your peril. Companies are now keen on retaining that
experience.”

London also has positive growth in employment levels year-on-year in March, according to the research, increasing by around 32,000. This is
compared to widespread decline in other regions.