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According to new figures unemployment in London has risen at twice the national average over the past 12 months to more than 10 per cent.

In fact the capital was hit hard with 11,000 more unemployed, taking its jobless figure to 433,000.

Worst hit are the IT and finance with new permanent vacancies down by nearly 50 per cent year-on-year and the impact of cuts on the public sector also deepened.

According to the Association of Professional Staffing Companies (APSCo) the sharp fall in City recruitment has fed an increase in those working as interim managers or on contract. There are also portfolios executives who meet short-term need for staff so that a permanent vacancy does not need to be filled.

Overall the UK unemployment stuck at 17-year high as 8.4 per cent of people are still out of job. Even the number of unemployed young people has not changed.

According to employment Minister Chris Grayling the figures showed that the labour market is stabilising.

However, there is still a big challenge ahead and most of the new jobs being created recently are part-time.