My view is that much of the private sector is turning a corner, while the public sector is in a pretty parlous state and will be for another 3 years.
It may be hubris, but there is a certain reassuring permanence about the heart of London although it can feel detached from the rest of the country. During the worst of the meltdown you’d be hard pushed to spot any tangible differences, at least superficially.
However, whilst some in the City may have said 'crisis, what crisis?' this is certainly not true for all. I heard some pretty rough tales of people being laid off from grad schemes one day into the job along with a significant amount of redundancies across industries.
Things do seem to have changed recently though and my soliciting and banking friends certainly have no current cause for concern. The major consultancies are also doing well with a desperate public sector to prey on.
Construction also looks to be okay. Even in a recession it’s good to see a decent number of cranes about and buildings like the Shard coming on a pace. Perhaps press coverage is excessively sanguine – I read recently that the City will be looking to fill 11,000 jobs over the next two years – but I’m a glass half full kind of person.