Chancellor's autumn statement paints a gloomy picture for the city

City of London recruiters and manufacturers have reported that some sectors have a bleak outlook for the future pressing pressure on George Osborne to step up the effort when it comes to growth boosting measures that were supposed to be in action according to his autumn statement. The news comes in the light of the fact that export orders have gone negative for the first time since the start of the 2008 recession.

The export numbers are thought to have dropped as a result of the toll of the eurozone crisis. The survey took a look at over 400 companies and was carried out by advisory firm BDO and the EEF industry organisation.

The survey also found that overall orders and output were the lowest they have been in the past three years. As a response, the EEF halved its forecast reducing its manufacturing output growth from 1.5 down to just .7%. This is in addition to a 1.2% contraction that was observed this year.

At the same time, the City also experienced the worst November for job redundancies since the credit crisis first occurred according to a separate survey conducted by Astbury Marsden and Morgan McKinley financial recruiters.

Morgan McKinley additionally reported that about 40% of the City professionals in the poll did not expect to receive a Christmas/end of year bonus this year. This reinforced many experts fear that London is starting to suffer from the global market instability and will start to fall apart.