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.
In the first seven months of 2024, Scotland recorded 12,766 professional vacancies, which accounted for 5.3% of the UK’s total of 226,708 vacancies. Scotland’s job market has seen a modest year-on-year increase of 0.5%, significantly lagging behind the UK’s national average growth of 2.5%.
The first half of 2024 has demonstrated market resilience despite ongoing economic challenges. While sectors like banking and real estate face pressures from new government policies and global uncertainties, strategic adjustments are evident.
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.
The pandemic’s long-term impact on the industry is still evident, particularly in how we work. The sudden shift from structured, on-site roles to remote work has altered workplace dynamics, with traditional business principles now being challenged, especially by younger generations. This has created challenges for HR departments as businesses face resistance to returning on-site.
With the general election now behind us, the UK economy is showing signs of acceleration. Economists are already revising their forecasts on GDP growth for this year, and the fact that Starmer has won with such a significant mandate means that there is certainty about what lies ahead for business.
