Britain’s departure from the European Union (Brexit), war and inflation led to a 17% fall in job vacancies in London’s financial services sector in the third quarter as compared to the same time a year ago, according to recruitment firm Morgan McKinley on Monday, October 21.
Mark Astbury, the associate director at Morgan McKinley, also said that hiring was likely to remain low because of the Labour government’s budget on October 30, –the first one since its election in July, and the U.S presidential election on Nov 5.
Astbury had commented on the firm’s data, saying:
“Ongoing post-Brexit adjustments, inflation, and economic uncertainty are forcing firms to cut back on aggressive hiring and prioritise strategic hires.”
The data also revealed that City vacancies rose 7% in the third quarter from the previous quarter, — a phenomenon Astbury said reflected the demand for staff in regulatory compliance, digital transformation and environment, social and governance (ESG) projects.
Federal Character had just last week, reported that Britain’s exit from the EU cost London’s financial centre about 40,000 jobs, according to the Lord Mayor of the City of London, a deeper impact compared with previous estimates.
