Danny McCance 11 Jan 2018 03:44pm

City financial services jobs plummet by a third

There has been an “alarming” 37% drop in City jobs available year-on-year, as Brexit uncertainty bites

In addition, the number of jobs available in December fell 52% month-on-month, according to recruitment specialist Morgan McKinley.

“In December, the City is abuzz with holiday parties not hiring, so a drop is to be expected, but for it to be such a seismic drop is alarming,” said Hakan Enver, operations director, Morgan McKinley Financial Services.

London mayor Sadiq Khan has also published a report today forecasting job losses across the UK due to Brexit, conducted by Cambridge Econometrics, which predicts that a Brexit scenario similar to the one posed by the government would mean 83,000 jobs lost in the London by 2030.

It plotted five outcomes from Brexit, ranging from a status-quo scenario to a no-deal, no transition scenario, under which London would lose 87,000 jobs and £10bn in gross added value by 2030.

Even under the softest scenario they proposed, London is set to lose 30,500 jobs following Brexit, with the UK losing 176,000 by 2030, compared to if the UK remained in the single market and customs union.

“This independent analysis of Brexit reveals the potential economic risks – and human costs – at stake in the negotiations,” Khan said, following the publication of the data.

He went on to say that the government needs to change its proposition, to “negotiate a deal that enables us [the UK] to remain in both the single market and the customs union.”

Cyber security roles in demand

However, there is one industry that is bucking the trend, as 81% of recruitment agencies say the demand in cyber security roles will increase in the next 12 months.

Of these, only 16% believe the demand will be met, while 94% think these workers will see a pay rise, according to research from the Recruitment and Employment Confederation (REC).

Chief executive of the REC, Kevin Green points to high-profile cyber attacks – such as last year’s wannacry attack on the NHS, attacks at Equifax, and a devastating attack on Big Four firm Deloitte – as a reason behind the boom in the industry.

“Employers need to think realistically about how to fill roles if they are to protect themselves from debilitating cyber-attacks,” he said.

In November, the Global information Security Survey from Big Four firm EY found that 56% of businesses expressed concern of the increasing threat of cyber crime.