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.
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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.
Recruitment for London finance jobs is set for a “slight recovery” under the new Labour government, following a June slump before the general election. From April to June, London’s financial sector had 6,093 vacancies, a 4.9% decrease from the same period in 2023, according to a report by Morgan McKinley and Vacancysoft.
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.
