City jobs numbers flat ahead of General Election

Jasper Jolly
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The number of new City jobs was flat during the month (Source: Getty)

The number of new financial services jobs available in the City has flatlined ahead of the election, as firms await the new government before making hiring decisions, according to recruitment agency data.

There was no change in the number of new financial services jobs available during the month, according to Morgan McKinley, as firms pause before committing to new hires.

London’s financial services have been heavily affected by the political events of the last year, with last year’s EU referendum catching the Square Mile by surprise.

Read more: Demand for staff from British businesses at 21-month peak

The number of new City jobs has fallen by 11 per cent in the past year, with uncertainty over London’s status after Brexit reported as a major impediment to making new hires. Multiple major banks have announced they will move some jobs out of London.

However, since the start of 2017 that downward trend in job availability has moderated, suggesting Brexit may be becoming a less dominant driving force at the top end of the London jobs market.

Hakan Enver, operations director at Morgan McKinley Financial Services, said: “Employers are telling us that they’re no longer factoring Brexit into their hiring decisions. They are working with what they have, not what may or may not happen in years to come.”

Read more: Square Mile celebrates a pay boost

However, the number of professionals seeking jobs fell by 14 per cent during the month. Candidate numbers looking for work have fallen by 42 per cent over the past year, which may recent strong rises in City salaries.

The fall in the number of available jobs stands in contrast to the broader UK economy, where demand for staff has risen to 21-month highs.

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