City finance jobs tumble after Brexit vote

Jake Cordell
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Commuters walk across bridge in London
Will there be fewer people trundling to work in the City because of the Brexit vote? (Source: Getty)

​Job openings in the City dried up over the summer as finance firms put hiring on hold while they assess the damage of the UK's vote to leave the EU, according to new research.

The number of advertised vacancies in financial services dropped by 13.6 per cent in the capital in July and August, according to a study by the Institute for Public Policy Reseach (IPPR) think tank and jobs analytics firm Burning Glass.

The researchers said: "This is striking as it is the only year in the past four where this trend has occured."

Read more: The 18 highest paying jobs in finance

IPPR, a think tank associated with the moderate wing of the Labour Party, blamed the uncertainty after the Brexit vote and the ongoing wrangling over whether banks, insurers and investment houses will be able to keep their vital passporting rights which let them operate across the EU.

Yesterday, insurance giant Lloyd's of London said it was considering opening an EU subsidiary and could not sit on its hands while it waited for the government to start the formal process of leaving the bloc.

Claire McNeil, associate director for work and families at IPPR , called on Prime Minister Theresa May to "end doubts around whether the government will pursue access to the Single Market and passporting rights".

She added: "This new data shows the immediate impact that the vote to leave the EU appears to be having on the finance sector.

"As one of our largest sectors, the financial sector is vital to the wider wellbeing of our economy."

Across the UK advertised vacancies in finance dropped by 10.1 per cent over the same period.