With the UK still experiencing lower levels of labour market economic activity than before the pandemic, the North East faces the challenge of a growing divergence in growth compared to the southern regions of the country.
With a new government now in situ, the big question is, what will this mean for the job market, and what are the opportunities for the astute? The Labour party have already put forward some plans regarding how they want to change employment law. Similarly the energy industry looks like it will be getting a boost. What are the other areas to watch for?
The symbiotic relationship between London and the South East has only strengthened in recent years, as the region has become a leading global hub for the high-tech industry. However, looking at this year so far, the region has experienced a slump in jobs and recruitment, especially compared to the peak of the post-pandemic period.
After the technical recession in 2023, which led to vacancies dropping in the region compared to 2022, we have seen a bounce back in Q1 so far, culminating in an uplift of 7.6% which compares favorably to the national figures (+5.4%.) As a result, the region now accounts for 6.7% of the national total in terms of vacancies, up from 5.8% in 2022.
Job vacancies in 2023 fall by 23.7% compared to 2022, according to the latest UK Labour Market Trends report by leading professional body APSCo and labour market data analysts Vacancysoft.
