News that a potential 20,000 jobs could be shed in the City in the next two years may not be of so much concern to those working in IT, according to a report on Computer Weekly.

The Centre for Economics and Business Research estimates that 11,000 City workers may lose their jobs this year.

Despite this, the importance of innovative IT and a lack of recruitment to firms' IT services during the better economic period mean that more importance is being placed on the sector at present

Brian Taylor from stock exchange Plus Markets told the magazine: "I do not think IT jobs are disappearing because IT actually saves money and provides the next generation of services and products."

A survey carried out by the Credit Show, the largest exhibition and conference for professionals associated with the consumer and credit sector, revealed that more than three-quarters of IT companies felt confident about the future of their business.

A recent Connect survey found that the two major concerns about outsourcing services like IT support were 'loss of control' (56 per cent) and 'budget over-runs' (43 per cent).