Brexit Referendum: the Latest Job Market Overview

Oct 11, 2016 | Data Based, Market Insights

What is the situation on the job market after the Brexit referendum? Which industries have seen job losses in the last quarter? Which professions are in lower demand after the referendum?

It’s been three full months since the referendum. The British economy experienced one of its biggest ever shocks. This was followed by the pound reaching its lowest value against the US dollar for the past 30 years. London is losing its financial hub status, and large corporations and SMEs have cut their budgets for hiring.

During the third quarter of 2016, there were fewer professional vacancies published than during the previous quarter, or during the third quarter of 2015. So in the short term, Brexit negatively influenced the UK job market.

In 2016 so far, London has seen fewer jobs than in 2015, both in Q1 and in Q3.In the third quarter of 2015, the three most common professions for new vacancies were IT, marketing, and banking. But by the third quarter of 2016, banking had dropped out of third place, leaving IT, marketing, and sales as the most common professions for new vacancies.

In terms of industries, little has changed from the last year. Technology, Media and Telecoms, Professional Services and Financial Services are the most active industries; however, TMT is the only industry of the three which advertised more vacancies in Q3 2016 than in Q3 2015.

One of biggest losses of vacancies happened in the Financial Services industry. Compared to Q3 last year, the amount of published jobs in Q3 of this year was down by 21%. According to TheCityUK report, the UK financial industry will lose up to £38bn in revenue if the UK leaves the single market.

Vacancysoft is the Data Publisher for the Recruitment Industry. We provide recruiters with daily lead lists that help to monitor their clients’ hiring and to identify companies struggling to hire.

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The data used in this article comes from and is owned by Vacancysoft LLP.

Author: Elli Vitchynova
Marketing Executive

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