Job industry thrives in the face of Brexit

Jobs increased 18% compared to May according to recruiter Morgan Mckinley.

“Considering, we entered the month with a degree of uncertainty, it was a surprise to see so many jobs released,” said operations director Hakan Enver.

The bulk of the vacancies came in during the last week of June as financial institutions wanted to wait until after the referendum results were released.

The number of people looking for jobs increased by 19%, showing that “professionals are also thinking about their next steps” in the face of uncertainty.

Enver concludes from these results that markets have “largely absorbed” UK’s departure from Europe. He is confident that talk of an exodus of jobs to Europe is “just that: talk”.

“London remains an incredibly attractive city for investors and the UK will obviously remain a strong trading partner with EU, so people expect London to remain the leading finance centre of the world” he added.

The biggest impact to the financial markets will be the political turmoil currently taking siege the UK government. Investors are going to put all major decisions on hold until the government takes a clear line of action in terms of its next moves. “The longer this period of uncertainty lasts, the greater its potential impact on employment” said Enver.

Another major concern going forward is whether passporting privileges, which give the financial sector firms unrestricted access to the single market, will be revoked. This could lead to the movement of large banks from the City to the Eurozone.

Major of London Sadiq Khan wants to make sure this does not become a reality. “We can protect our financial sector — and jobs in London — if we remain in the single market, retain passporting rights and keep hold of euro-clearing” said Khan.