Recent political and economic developments in the UK have shaped the landscape for professional vacancies in 2024. Following the recent election, renewed government policies have focused on boosting key industries such as technology, financial services, and green energy.
The Midlands’ job market in 2024 mirrors the broader economic challenges facing the UK. Sluggish GDP growth and persistent inflation are influencing employment trends. While investment in infrastructure projects like HS2 supports Real Estate & Construction, Brexit and global market instability continue to impact export-focused sectors.
In the North East, the industrial and Engineering sector leads workforce growth, with a 22.4% year-on-year increase in vacancies, reaching nearly 1,197. This surge reflects rising investments in infrastructure and manufacturing, essential drivers of regional economic stability and development.
With the Labour Party now in power, its policy framework is expected to drive significant changes in the economy and labour market. The construction industry is preparing for a housebuilding effort on a scale not seen in decades. In other sectors, the focus is on how business-friendly the new government will be.
Lloyd’s of London’s recent report highlights the most favourable underwriting conditions in over a decade, signalling a significant upturn in the insurance market. Profits have surged from £3.9bn in the first half of 2023 to £4.9bn in the same period of 2024, reflecting robust market growth. This positive trend has been mirrored in London’s job market, with insurance vacancies increasing by 6.6% this year.