C&I – UK Finance Labour Market Trends Report, October 2024
London’s Commerce & Industry Vacancies Surge 14.4%, Contrasting With Regional UK Declines
Key findings include:
- A 3.6% rise in total vacancies across the UK, reaching about 237,187.
- London is projected to see a 14.4% growth in finance vacancies.
- The technology sector is expected to experience a 13.3% YoY increase.
- EG Group stands out with the most significant surge in vacancies by 137%.
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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. In contrast, vacancies outside London have seen a slight decline of 1.6%, reducing the region’s combined share to 64.8%. London’s national vacancy share has surged to 35.2%, marking a strong recovery from the 43.6% decline recorded between 2022 and 2023. This resurgence underscores the growing demand for financial expertise as commerce and industry recalibrate within an increasingly stable economy, reinforcing London’s pivotal role as a recruitment powerhouse in a revitalising market. This is according to the latest UK Finance Labour Market Trends report by leading professional recruiter Morgan McKinley and market data analysts Vacancysoft.
London Leads Finance Vacancy Growth
When looking at finance vacancies within commerce and industry, the Greater London area is projected to maintain its leading position with a significant 14.4% increase in vacancies. This growth is expected to boost London’s share of vacancies from 32.2% to 37.1%, bringing the total number of vacancies to an estimated 3,919 by 2024.
Across the UK, finance job vacancies show varied regional trends. The South East is forecasted to decline by 1.3%, while Blackburn in the North West may see a 128.3% rise, reaching 183 vacancies. In contrast, Manchester and Bristol are projected to experience the largest declines in finance vacancies, with Manchester down by 20.5% and Bristol by 21.6%, continuing downward trends seen in previous years.
Technology Sector Rebounds with Significant Rise in Finance Vacancies
The technology sector is showing encouraging signs of recovery, rebounding from a steep 52.1% decline in finance vacancies between 2022 and 2023. For 2024, the sector is projected to grow by 13.3%, increasing its share from 15.9% to 18.2% and reaching an estimated 1,919 vacancies. This upward trend mirrors broader growth across finance-related roles. Real estate and construction, recovering from a 27.8% drop, anticipates an 8.5% rise, adding approximately 1,232 new roles. Property accountancy roles are set for an impressive 81.6% surge, reflecting heightened demand. Additionally, media, tax, and other sectors expect growth, underscoring a widespread positive shift across the UK job market.
Richard Speight – Associate Director Accounting & Finance – Morgan McKinley comments:
“Wage inflation appears to have stabilised, and this has led to many finance professionals deciding to stay where they are, or being particularly cautious about taking the next step in their career. Time to hire can be slow, as businesses are very focused on ensuring any hire they do make is the right fit, and often therefore going through multiple rounds of interviews.”
“The short-term looks likely to be unpredictable and not without its challenges, but there is genuine optimism going into 2025 that the UK economy will come back strongly. Many businesses have an appetite for growth and investment even in an unpredictable economic climate, despite inflationary pressures remaining and interest rates still stubbornly high.”
Investment Banks Surge in Vacancies for 2024, While Retail Banks Decline
In the UK’s Commerce & Industry finance sector, EG Group leads with remarkable growth in 2024, despite a general downturn in retail accountancy roles. This year, EG Group anticipates a 137% surge in vacancies, projecting a year-end total of 171. With 128 vacancies already recorded, the group’s expansion is driven by significant acquisitions, including the £2.07 billion sale of EG Group’s UK & Ireland business to Asda.
Informa, a major media company, also sees substantial growth with a 20.1% rise in vacancies, reaching 109, fuelled by acquisitions across diverse industries. Thermo Fisher Scientific and BUPA also contribute with notable vacancy increases, underscoring a dynamic recovery across sectors.
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