Competition for jobs in London hots up as roles on offer fall but jobseekers rise

Hayley Kirton
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Commuters getting off a train at London Bridge
There were less roles to go round, but more people on the hunt (Source: Getty)

Job hunters in London were out of luck last month, as figures out today show the number of financial services roles on offer fell while the number of jobseekers grew compared with the same time last year.

According to Morgan McKinley's London Employment Monitor for September, jobs available fell five per cent year-on-year, although professionals seeking jobs increased 15 per cent year-on-year.

September's job hunters were slightly better off for choice compared with those looking for a new role in August. Jobs available grew one per cent month-on-month, with 8,400 new jobs on offer. Professionals seeking jobs also rose nine per cent in the same period.

"Clearly there's an ongoing appetite to recruit," said Hakan Enver, operations director at Morgan McKinley Financial Services. "Given the volatility that we have been facing, two months of positive growth is welcome news [as jobs on offer grew between July and August as well]."

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Those who were able to snag a job in September likely also boosted their back pocket, as the average base pay increase secured by movers last month was 18 per cent.

The figures are released at a time when many in the financial services industry are likely fretting about what referendum result means for them and their job.

A number of key politicians have recently indicated they are likely to opt for a hard Brexit, which could spell the end of not only freedom of movement but also passporting rights. This raises several questions over how financial services firms based in the UK will be able to continue to access European Economic Area (EEA) markets, and vice versa.

Read more: Brexit vote sparks surge in overseas job searches

According to recently released figures from the Financial Conduct Authority, 5,476 UK-based firms use passporting to access markets throughout the European Economic Area, while 8,008 firms use the regime to access the UK market from other EEA states.

"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," said Enver. "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".

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