Brexit uncertainty damaging job prospects in finance sector
22% drop in City finance job openings since UK’s vote to leave the EU
New research based on live job postings shows that there has been a 13 per cent fall in the number of job vacancies in the finance sector in England since the EU referendum vote in June.
In London the slump has been greater with a 22 per cent drop in jobs advertised, including for Chief Executives and senior officials, managers, as well as administrative occupations.
Whereas official job figures have a significant time lag, IPPR’s research with Burning Glass technology uses live online vacancies that can provide a more immediate picture of trends in particular industries or occupations. Jobs advertised online represent 80 per cent of all vacancies in the labour market.
IPPR is renewing its call for the government to prioritise retaining access to the EU’s free markets in goods and services in the upcoming Brexit negotiations.
Clare McNeil, IPPR Associate Director for Work and Families said:
“This new data shows that uncertainty in relation to the UK’s position on the future of the Single Market and City passporting rights is hurting recruitment in the finance sector, particularly in London.
“While we must seek to rebalance the economy by revitalising industry outside of London and the South East, this must be achieved through an active industrial strategy and not through a downturn in recruitment in the city as a result of the loss of passporting rights.
“IPPR is calling on the Government to prioritise retaining access to the EU’s free markets in goods and services in upcoming Brexit negotiations.”
This research comes ahead of the launch of the IPPR Commission on Economic Justice on Thursday which aims to re-write the rules for the UK’s post-Brexit economy.
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3. Burning Glass Technologies delivers job market analytics that empower employers, workers, and educators to make data-driven decisions. Burning Glass is reshaping how the job market works, with data that identify the skill gaps that keep job seekers and employers apart and tools that enable both sides to bridge that gap and connect more easily. The company’s technology analyses hundreds of millions of job postings and real-life career transitions to provide insight into labor market patterns. This real-time strategic intelligence offers crucial insights, such as which jobs are most in demand, the specific skills employers need, and the career directions that offer the highest potential for workers. burning-glass.com