Member Article

City jobs drop as finance firms wait out Brexit uncertainty

Job vacancies at the some of the City of London’s biggest financial firms saw a marked decline in the wake of June’s EU referendum, according to newly released figures.

The research, carried out by Burning Glass for the Institute for Public Policy Research (IPPR), found that advertised vacancies in the City dropped by 13.6% over the summer, with many big banks and financial firms putting a hold on recruitment until circumstances surrounding Brexit become clearer.

According to the IPPR, the financial services sector England-wide registered a 10.1% drop in vacancies overall, with London experiencing the most marked drop followed by the North East which saw the number of new finance jobs declined by 12.8%.

In a statement, the IPPR said the figures were particularly worrying as the registered decline is the only time in the last four years that there has been such a drop.

Clare McNeil, IPPR Associate Director for Work and Families, called on the government to do all it can to quell any uncertainty around the City’s passporting rights and access to the single market.

She said: “This new data shows the immediate impact that the vote to leave the European Union appears to be having on the finance sector.

“As one of our largest sectors, the financial sector is vital to the wider wellbeing of our economy.

“The Prime Minister needs to end doubts around whether the Government will pursue access to the single market and passporting rights as high priorities in the Brexit negotiations.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →