City job market remains stagnant after Brexit according to Adzuna
Declines in advertised job vacancies means that City job hunters should be prepared to “fight” in a market that has been “shaken” by Brexit.
Legal sector vacancies advertised through job search website Adzuna were down by 23 per cent compared to the same time last year and the number of finance sector jobs advertised decreased by 14 per cent.
“Brexit has shaken things up… Jobs are out there in finance but jobseekers will need to prepare themselves for a tough fight. [The] news of Lloyds’ job losses will bring back fears of staff cuts,” said Doug Monro of Adzuna.
Read more: Banking bleakness: How people reacted to further job losses at Lloyds
“Over the last couple of months uncertainty and caution meant that hiring in finance dropped. Talk of headquarters moving abroad meant companies closed the doors to new employees. And this has led to a sharp quarterly and annual dip in the number of jobs on offer,” he said.
Salaries are also under pressure as Adzuna revealed that London had the second largest year-on-year drop in average advertised salaries with a drop of four per cent to £39,173.
By contrast, the south-east (excluding London) was the most resilient in the UK, with advertised job pay decreasing 1.1 per cent over the last 12 months.
“No region is an island – but the south east is on a roll. Advertised salaries in the area are proving resilient to recent UK economic uncertainty and political upheaval which has directly impacted other areas,” said Munro.
In slightly more positive news for the job market, Adzuna said that there had been an overall weekly growth in new advertised jobs since Britain’s EU referendum. The number of new jobs posted each week varied between 548,683 and 636,603 in the four weeks since 23 June.
Nevertheless, these numbers were considerably down on the weekly postings during the same four weeks of 2015 – with new jobs advertised varying between 615,509 and 686,338.