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.
With the impact of climate change now becoming an ever-present reality, it is now being recommended that internal auditors globally make assessing the risk part of their purview, and within the UK specifically. Nonetheless, activity has been muted so far in 2024, with vacancies slowing down by 19.7% compared to last year.
VC funding into the technology industry is on the rise again, bringing relief to policymakers. In the UK, FinTech is a major beneficiary of this increased investment, which is directly translating into heightened recruitment activity. FinTech stands out as the best-performing segment within Financial Services this year. If the current pace of recruitment continues, the number of FinTech vacancies in 2024 will be 36.7% higher nationwide compared to last year.
The Government’s Spring 2024 budget has changed the shape of taxation in the UK for high net-worth individuals who are not UK-domiciled. The implications of this change are yet to be seen properly; therefore, when looking at the recruitment patterns, we are forecasting an increase in tax vacancies this year compared to last year’s 32% in London, and 46% regionally.
