Finance sector job vacancies jumped by a third in October


Jobs for City workers jumped 32 per cent last month (Source: Getty)

The number of job openings available in the finance sector was a third higher in October than during the same month the year before.

Vacancies in finance rose 32 per cent last month, the figures by Jobsite showed, as the number of job openings available across the UK rose by 20,000, or 16 per cent.

Law was the sector with the largest jump in vacancies, with a 60 per cent rise. That was followed by graduate jobs, which rose 59 per cent, and logistics, which rose 35 per cent. 

Nick Gold, the chief executive of Jobsite, said the figures were an encouraging improvement on the same time last year.

“Towards the end of last year we saw some signs of uncertainty in staffing requirements, perhaps because businesses were considering what Brexit meant for them.

"Now, as 2017 is coming to a close, employers are realising they may need to develop and expand to get ahead of initiatives like the apprenticeship levy and upcoming GDPR regulation," he said. 

Read more: DEBATE: Could the UK really lose 75,000 finance jobs post-Brexit?

Job openings: The biggest risers

  Industry Rise since October 2016
1 Legal 60%
2 Graduate 59%
3 Logistics 35%
4 Manufacturing 34%
5 Finance 32%
6 HR 24%
7 Engineering 21%
8 Retail 17%
9 IT 10%
10 Sales 4%

Doom and gloom

The figures were decidedly more optimistic than a claim repeated by the Bank of England last week, which suggested up to 75,000 jobs could be lost in the UK if there is no deal on financial services between the UK and the EU.

The Bank repeated a claim by recruiter Oliver Wyman, which estimated up to 40,000 jobs could be lost from the financial services sector, while the rest would be lost in the legal and professional services sector. 

“For our industry, the most urgent priority remains agreeing a time-bound Brexit transition period," said Miles Celic, chief executive of TheCityUK. 

"EU and UK negotiators must discuss and agree a status quo transitional deal as soon as possible if it is to hold any real value for our industry."

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