What’s Next For UK Financial Services?

Nov 29, 2016 | Data Based, Market Insights

One of the headline topics in the Brexit debate has been the future of Financial Services in the UK. With passporting rights in question, many are predicting that this key sector will partially relocate to the continent. How are vacancy volumes reacting to the atmosphere of uncertainty?

When looking at openings in Financial Services in England and Wales over the past two years, the most outstanding trend is the dip in the second half of 2015. After partially recovering from it in 2016, activity was much less volatile than in previous years. Furthermore, in September APSCo data showed that vacancies were flatlining across the entire job market.

In October, the British Bankers’ Association forecast that Financial Services may begin relocating from the UK early next year. Yet the same month showed a 6% rebound in vacancy volumes following the post-July drop. Could this indicate that businesses are unwilling to make major decisions too hastily?

Since mid-November, May’s cabinet has changed its tone, suggesting that Brexit will be conducted in a more business-friendly manner. Last week, Bank of England Governor Mark Carney urged banks to be cautious when making decision on relocation. Industry leaders also softened their message after being promised a longer transition period. Finally, the consensus across the industry is that the UK will remain important for Financial Services, whatever form Brexit eventually takes.

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The data used in this article comes from and is owned by Vacancysoft LLP.

Author: Jan Pawlowski
Data Analyst

 

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