The accountancy job market in the UK has seen notable changes, with an overall drop in the number of vacancies nationwide. A closer look reveals that 59% of roles are based outside London, but these regions have experienced an 8.6% decline in vacancies.
The UK job market for Risk and Compliance roles is undergoing a significant transformation, with the fintech sector leading the charge. Risk and compliance vacancies within the banks are projected to experience a 17% drop in 2024 as banks focus on stabilisation in response to shifting market conditions.
New recruitment data reveals a significant shift in UK hiring trends, with regional distinctions and sector-specific demands emerging. Overall vacancies have risen by 3.6%, reaching approximately 237,187, with London leading the charge—a projected 14.4% increase in finance vacancies indicates a concentrated demand in the capital.
The UK stands out among G8 countries due to its political stability, with the government expected to remain in power for up to 10 years. Consequently, 2024 could mark a turning point for UK banking, thanks to recent deregulation reforms and stable interest rates.
The banking sector continued its slump in 2024, with vacancies down 3% compared to last year. However, recent analysis suggests UK securities are undervalued, and with a new government, the sector might rebound – July has shown record performance. Tax has been a key focus for hiring, especially with Labour’s tax-raising agenda. As a result, tax roles have performed strongly, making the upcoming Autumn budget particularly significant.
With the impact of climate change now becoming an ever-present reality, it is now being recommended that internal auditors globally make assessing the risk part of their purview, and within the UK specifically. Nonetheless, activity has been muted so far in 2024, with vacancies slowing down by 19.7% compared to last year.
