City jobs drop to seven-year low as Brexit stunts recruitment

City jobs dropped to a seven-year low in December and the number of job-seekers also plummeted as Brexit uncertainty continued to stunt recruitment.

The number of jobs available fell 52 per cent last month – the worst end to a year since December 2011, according to Morgan McKinley, which said 2019 had also got off to a sluggish start.

The recruitment firm’s employment monitor also showed that job-seekers fell 40 per cent month-on-month, with the lowest number of applicants in six years.

It added that January had begun in similar quiet fashion.

“In 2018 we saw job numbers fall off a cliff,” Morgan McKinley UK managing director Hakan Enver said.

“We haven’t seen this few applicants to market in December since 2012 and we’ve seen January get off to a sluggish start on this front.

“After two years of navigating the impossible task of preparing for an unknown Brexit scenario, people are fatigued,” he added.

The average salary jump for those moving from company to another also fell to 15 per cent – its second lowest level of 2018 and down on the 27 per cent peak reached in May.

The recruitment firm expected this to increase in the coming months as companies try to attract and commit talented individuals into their businesses.

A surge in job applicants in the summer had sparked hopes of a turnaround in the employment market but the year ended in with a “timid hiring environment” in the Square Mile.

“There was a sense over the summer that the tables might be turning, as candidates demonstrated increased confidence in the jobs market.

“But the weight of Brexit proved too much to just shake off, given its immense implications for individual livelihoods and business viability.”