Lesbilicious - the web’s tastiest lesbian magazine

The credit crunch is forcing gay people working in London’s financial district back into the closet, according to a survey of almost 1,450 job applicants.

In 2007, 7.7% of respondents anonymously identified themselves as gay or lesbian to financial recruitment specialist Joslin Rowe Associates. In 2008 the figure fell to 7.4%.

These figures indicate that out of the 900,000 people working in banking, finance, and insurance in London, 66,600 are gay or lesbian.

The UK Government estimates that 6% of the population is lesbian or gay. London’s gay population is estimated to be nearer 10%, thanks to the thriving gay scene.

“The City was moving away from its traditional image of white, heterosexual and male – which puts off many gay and lesbian applicants,” said Tara Ricks, Managing Director of Joslin Rowe Associates.

“As a result, the proportion of gay and lesbian workers happy to identify their sexuality began to increase. But it looks as though progress has stalled.”

Of men who identified themselves as gay, 40.6% were under 30 whilst 59.4% were over 30. “More of the older generation are happy to identify themselves as gay - once City workers reach a certain level in an organisation, they feel confident enough to do so,” said Ricks.

“But fewer young gay people are prepared to identify themselves as such. It’s about feeling secure in your workplace. The credit crunch has made people feel less secure – hence the falling numbers.”

Women in the City were more likely to identify themselves as gay in 2008 than in 2007 – up from 0.16% to 0.19%. Nonetheless, women in the City are far less likely to identify themselves than men (even anonymously) as homosexual.

“The City is still a challenging and competitive place to work,” added Ricks.

“The fact that so many women are so reluctant to come out as lesbians may well reflect the fact that women already feel they have to fight hard to maintain equality with men. But at least this is an area where progress is still being made.”

In 2007 BP chief executive Lord Browne resigned after details of a relationship with another man were published. The resignation reportedly cost him up to £15.5 million in cash and shares.

Posted in: Campaigns & Politics, Community |