Article 50 has had little bearing on March’s hiring numbers, according to Morgan McKinley’s London Employment Monitor.
Last month there was a 17 per cent month-on-month and 13 per cent year-on-year increase of jobs available. The FTSE also closed at a record high of 7,415.57. There was a nine per cent month-on-month and 25 per cent year-old-year decrease in professionals seeking jobs.
Hakan Enver, operations manager for Morgan McKinley said:
Some are looking at business as usual and thinking perhaps an updated model and economic pivot will serve them better. Europe is a vital and precious friend, but it is only one part of the larger global economy in which the financial services industry operates.
Investors are paying very close attention to freedom of movement. The financial services industry follows the money, and the money follows the talent. As of now, the talent is in London, and the government would do well to help keep it that way.
With the era of Brexit upon the UK, financial services are looking to both keep their holdings in the city and expand operations to other European business hubs to maintain access to those markets.
Elections across Europe including those in France this weekend and in the Netherlands earlier this month are causing some fluctuations in the job market. Employers and employees are encouraged to “play to current strengths instead of unknown future woes,” the report said.
Analysts are also making efforts to redraft trade negotiations with Asia, particularly China and India, to try to the boost the nation’s economy.
Brexit has had little effect on fintech due to limited reliance on travel and investors’ adaptability to varied regulatory environments around the world.