Where Next In London’s Job Market?

Aug 19, 2016 | Market Insights, Trend Based

In the post-referendum reality, London’s position as a global economic powerhouse may be in question. Searches for jobs abroad have spiked, and the proportion of recruitment into full-time positions has dropped by 29% in the past three months. Where does this put recruiters?

Brexit turmoil has struck London the hardest of all the UK regions so far. Businesses in key sectors such as the property market struggle with uncertainty which directly influences their hiring decisions. The London Chamber of Commerce reported that in in the second quarter of 2016 business confidence was shrinking, with just 13% of business owners expecting domestic growth, down 4% from the previous quarter.

While this is bad news for the staffing industry, areas such as Technology may prove safe havens for recruiters. Last month, Software & Computer Services (including FinTech) vacancy volumes in London were up 16% compared to July 2015; conversely, vacancies across all sectors were down 14%.

Despite the challenges, the outlook for London is not all negative. In the short-term, ONS statistics for the most recent full quarter were positive, with the general labour market performing well up to the referendum.

Moreover, long-term forecasts issued by the Greater London Authority suggest that the London job market will continue to expand. NatWest senior economist Sebastian Burnside commented that “(…) London’s strengths are much broader than that. Technology, professional services and the creative industries are all strong. The things that powered the economy in London won’t have gone away overnight, even if we don’t get a good deal out of negotiations.” 

Vacancysoft is the Data Publisher for the Recruitment Industry. We provide recruiters with daily lead lists that help to monitor their clients’ hiring and to identify companies struggling to hire.

If you are interested in trying our products, sign up for a free trial to receive daily alerts with the latest vacancies.

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


Related Posts

Rising regulation and risk demands investment in c... Governance risk and compliance was once something of an afterthought for many organisations but in recent years the landscapes of regulation and risk ...
How can you mitigate the risk of pending shifts in... With legal sector employment scheduled to fall in the short term and the longer-term risks from the increasing automation of legal service functions, ...