London Jobs Market At Lowest Ebb In 10 Months As Brexit Concerns Mount

Published date: .

The number of new jobs available in London's financial sector was at its lowest level this year in October, according to a report.

Recruitment firm Morgan McKinley's London employment report revealed that 6,300 new financial services roles were available last month, 14% fewer than in September and the lowest recorded since December last year.

Hakan Enver, operations director at Morgan McKinley Financial Services, said London remained a strong centre for financial services, but companies were hesitant to make hiring and investment decisions amid uncertainty over the outcome of Brexit negotiations.

"The economic tug of war that Brexit kicked off means we still have no idea quite where we'll land," he said.

"Brexit has businesses in a stranglehold. Try as they might to go about things as normal, we do not live in normal times."

The Confederation of British Industry (CBI) warned earlier this week that the majority of UK firms will begin moving staff and delay investment by March next year if no Brexit transition deal takes place.

A poll of 306 companies by the CBI revealed that a quarter will trigger contingency plans by January if there is no transition deal in place, while a further quarter said they would wait until March.

"With 15 months left before the purported departure, time is running out fast," Enver said.

"We're going to blink and Christmas will be over. Then the government will have only three months until companies pull the lever on London."