In the first seven months of 2024, Scotland recorded 12,766 professional vacancies, which accounted for 5.3% of the UK’s total of 226,708 vacancies. Scotland’s job market has seen a modest year-on-year increase of 0.5%, significantly lagging behind the UK’s national average growth of 2.5%.
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.
With the general election now behind us, the UK economy is showing signs of acceleration. Economists are already revising their forecasts on GDP growth for this year, and the fact that Starmer has won with such a significant mandate means that there is certainty about what lies ahead for business.
On the first of January, the Labour Party announced its new deal for employees, contingent on their expected victory in the next election. Currently projected at an 88% likelihood of winning, businesses will need to review and update employee contracts to comply with the new regulations. Unsurprisingly, law firms are rapidly recruiting to bolster their employment teams faster than other practice areas.
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.
