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A survey by Morgan McKinley reports that this September, the number of currently available positions in the UK’s financial hub dropped by 5% making it 8,400, while the number of those looking for jobs soared by 15%.
The number of newly open positions grew by 1% in September, rehabilitating from a July post-Brexit collapse.
Those who did not manage to find new jobs in September received an 18% pay rise on average.
In July, the study revealed that the number of fresh City jobs leaped 27% while the number of employees looking for ones fell by 13%.
Hakan Enver, the operations director at Morgan McKinley Financial Services, commented: “Clearly there’s an ongoing appetite to recruit. Given the volatility that we have been facing, two months of positive growth is welcome news.”
Brexit as well as the future status of London as the EU’s financial center, have been the main focus for those penetrating the City’s job market.
Theresa May’s government has confirmed the possibility of a “hard Brexit,” the main principle of which is giving priority to control over immigration, contrary to maintaining some economic links in exchange for admission of freedom of movement.
Such a measure would result in the City of London’s losing its EU financial passport, which would be catastrophic for it. According to the FCA report, 5,500 UK companies are dependable on passporting rights, with a combined turnover of £9 billion.
Enver commented: “Given the number of businesses affected in Britain and across the EU, and the massive contributions made by City workers to the British economy, it’s frankly shocking to see the government take such a dismissive attitude towards passporting.”
“Stability is the foundation of business growth, so hopefully the government will right this course. If we are not careful, London will have a massive talent drain to countries such as France, Germany, USA, Japan and Ireland who have already turned on a charm offensive to woo our professional workforce.”