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LONDON (Reuters) – The variety of job vacancies in London’s monetary sector dropped by nearly a fifth within the final three months of 2024 in contrast with the earlier quarter, to its lowest degree since June 2020, Morgan McKinley’s London Employment Monitor on Monday confirmed.
Job postings of three,664 for the fourth quarter interval had been additionally down 12% on the ultimate three months of 2023, whereas the variety of vacancies throughout 2024 as a complete was down 28% on the prior 12 months.
“These stark figures paint a sobering image of an trade grappling with mounting challenges, together with financial volatility, geopolitical uncertainty, strategic overhauls, and the fast tempo of technological disruption,” mentioned Mark Astbury, a director at Morgan McKinley.
The info comes as optimism in regards to the enterprise outlook for UK monetary corporations fell on the sharpest tempo in two years within the fourth quarter of 2024, a survey by the Confederation of British Trade (CBI) confirmed on Thursday.
Respondents to that survey flagged issues about elevated prices related to Britain’s autumn Price range, however Astbury mentioned the hiring slowdown started “properly earlier than” finance minister Rachel Reeves introduced tax rises to assist public spending.
As an alternative, Astbury pointed to London’s dwindling attraction as a inventory market itemizing venue as a key issue.
“If the federal government is severe about reviving progress, an pressing precedence have to be to revive the London Inventory Alternate (LON:LSEG)’s attraction and stem the tide of capital flight,” Astbury mentioned.
