City of London job vacancies have fallen 11 per cent in a year

Emma Haslett
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Vacancies in the Square Mile have fallen in the year since the Brexit vote (Source: Getty)

The number of job vacancies in the City fell 11 per cent in the year to the end of July, new research has suggested.

Morgan McKinley's London employment monitor found the number of new financial services jobs posted hit 7,080 in July, down from 7,980 during the same month last year.

However, that was up one per cent from 7,027 last month - the fourth month-on-month rise in vacancies in a row.

The figure coincided with a 12 per cent month-on-month rise in finance sector workers looking for new jobs, although that figure was down by a third on the year before.

Hakan Enver, operations director at Morgan McKinley financial services, suggested the fall in vacancies was, in part, down to a rash of finance sector organisations announcing plans to move jobs to the EU as they prepare for Brexit.

"The government announcement in July of a March 2019 end to freedom of movement for EU nationals coincided with a series of major financial services institutions announcing a reduction or relocation of their London positions," he said.

“The language has changed. Employers and employees used to talk about ‘if’ they had to leave London. Now they’re talking about ‘when’ they leave London.”

However, he added that EU nationals who intend to stay in the capital after Brexit are rushing to snap up positions in the capital.

“EU nationals who want to stay in Britain have a shrinking window of opportunity to get a job and permanent residency, and many are seizing it."

Read more: Brexit and euro clearing relocation could force 40,000 City jobs into EU

But wider London is enjoying a jobs boom

Although the capital's finance sector has reduced hiring in preparation for Brexit, figures published on Monday suggested the rest of the London's jobs market is booming.

Regional figures from IHS Markit's closely watched purchasing managers' index indicated London is creating jobs at the fastest rate in over a year, with employers expecting to make even more hires in the months to come.

Read more: Brexit battle heats up: London is outpacing EU rivals despite job moves

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