You are here: Home - Household Bills - News -

Brexit fatigue hits London jobs

Written by:
Brexit fatigue is weighing on the London jobs market, with EU nationals returning home and companies reluctant to hire.

The London Employment Monitor from Morgan McKinley Financial Services showed a 3% month-on-month rise in financial services jobs coming to the market. However, this is still 14% below its level a year ago, signalling ‘a stubborn lethargy in City hiring’. February is traditionally a busy hiring season in the City, after bonuses are paid.

The number of City workers looking for new jobs was down dramatically: 20% month-on-month and 35% year-on-year. Hakan Enver, managing director at the group, said:10,000 fewer people were looking for new financial services positions in February of this year than in 2016. Numerous factors are impacting this lack of desire from professionals to search for new opportunities. A small proportion are still waiting for bonus season, which typically falls at the end of the first quarter.

“Added to that, more and more EU nationals are returning back to their home nations, therefore, reducing the overall numbers of people searching in the London markets. Clearly there is a lack of confidence for some in securing a new role; nobody wants to be told that, three months into a new job, it may be relocated abroad.”

This study released in February by the Recruitment & Employment Confederation found that employers are also undecided about hiring. Among companies with over 250 employees, 47% reported not knowing whether or not they will step up or reduce their number of agency workers in the next three months. The Morgan McKinley study showed a similar picture, with uncertainty rising from this time a year ago. 18% of employers report not knowing about their medium-term plans for permanent workers, up from 10% in February 2017.

There have also been some notable rounds of redundancies, including from Lloyds and Deutsche Bank. Lloyds is looking to eliminate around 600 jobs in London, while Deutsche Bank looks set to lose 250-500.

The group also reported that fatigue over not knowing what the terms of the divorce are is palpable. “Everyone’s tired of fretting about Brexit and just wants to get on with it, but there are still too many unanswered questions holding businesses back. This is evidently showing in both jobs coming to market and those applying to them” said Enver.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week