UK businesses are relocating jobs outside of London due to rising living and housing costs. London-based executive management, HR, and marketing roles have decreased by 41%, while remote work opportunities have doubled.
February saw Law firms post more vacancies for tax lawyers nationally than any other month over the prior two years. Furthermore, we expect a surge of 32.5% by the end of 2024. Factoring the regionalization happening within the sector, where the regions retain 80.5% of the national share, there has also been a noticeable shift in 2024 to date, with hiring in London on the rise.
After enduring a challenging six months, which ultimately led to the UK entering a technical recession, signs of recovery are finally beginning to emerge. The North West region has managed to increase its share of the national total from 7.5% in 2022 to 8.5% in 2023. Turning to the current year, we observe an uptick in the northwest’s monthly average, increasing by 5.3% compared to 2023, which bodes well for regional recruiters.
After all, following 2023, the real estate industry is showing signs of picking up as interest rates fall. Residential Property, in part due to the chronic shortage of new houses being built, is already seeing prices rise. With commercial property, there is a deeper question about what kind of work space businesses want, in this new pandemic period. Insofar that nationwide, occupancy is still below pre-pandemic levels, some areas are doing better than others.
As Russia re-elected Putin this weekend, the impact on the UK is being seen in more ways than one. Already, Grant Schapps is talking about the need for further defence spending as we move from a post-war to a pre-war world. Meanwhile, the avenues for money to be funnelled into London are slowly closing, and the determination to minimize access is clear. The decision to double the economic crime levy for very large companies from April, to £500,000 per institution is a reflection of that.
