Recruiter “relieved” at London job growth

Available financial services jobs in London jumped 18% in June from the month before, a trend seen to defy the uncertainty caused by the Brexit vote.

Morgan McKinley, a recruitment firm, said June saw a total of 9,060 available jobs.

“Considering, we entered the month with a degree of uncertainty, it was a surprise to see so many jobs released,” said Hakan Enver, operations director at the firm, adding this was a “welcome relief”.

A good portion of the jobs available came in during the last week of June, indicating that financial institutions held off on hiring until the referendum results were out, Enver said.

“It’s encouraging to see that businesses are still investing in staff, and it’s a relief that the markets have largely absorbed the initial referendum results”.

Since the referendum was first announced, there have been mounting concerns about City jobs moving to mainland Europe, Enver said, but added: “So far, talk of an exodus has been just that: talk. London remains an incredibly attractive city for investors and the UK will obviously remain a strong trading partner with EU, so people expect London to remain the leading finance centre of the world”.

However, the firm notes that investors are likely to hold off on making any significant decisions until they see what course of action the next government will pursue. The longer this period of uncertainty lasts, the greater its potential impact on employment.

The Morgan McKinley London Employment Monitor also notes that average salary increases for professionals moving from one organisation to another was 13% in June – a “considerable drop” from 23% in May.

©2016 funds europe