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London job openings at lowest level since January after Brexit vote

Jake Cordell
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London was bucking the nationwide trend for rising job vacancies in August
London was bucking the nationwide trend for rising job vacancies in August (Source: Getty)

The London jobs market could be showing signs of a post-referendum slowdown, according to a tracker of nationwide job vacancies.

While the number of vacancies was up by 7.7 per cent in August compared to last year, online recruitment firm Reed.co.uk found London was being dragged down by a crunch in the number of high-paying banking roles up for grabs.

Vacancies in the capital dipped by 5.8 per cent over the last 12 months, taking the number of open roles to the lowest since January. Advertised positions in banking have plummeted by 23 per cent, Reed.co.uk said, as the industry has been paralysed by the shock outcome of the EU referendum amid talk of relocations and job cuts.

Despite the City slump, jobs in the UK's booming automotive industry climbed by 29 per cent over the year, after an impressive run of orders for cars made at UK factories. Manufacturing jobs were also up by 20 per cent - another piece of good news for the industry which has quickly bounced back from the shock of the Brexit vote to post growing exports.

James Reed, chairman of the recruiters, said: "Despite July and August being seasonally quieter for recruitment, the UK's job market has continued to grow at a steady pace over the summer."

Official unemployment statistics have shown tentative signs that employment held up in the immediate aftermath of the Brexit vote, with the nationwide dole queue falling by 8,600 in the month of July.

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