The number of jobs available in London for the month of April fell by 15% while professionals seeking jobs in London also declined by 49%, year-on-year, according to figures from the latest Morgan McKinley Employment Monitor.

On a month-to-month basis, jobs available and professionals seeking jobs also fell in April, 16% and 29%, respectively. 

According to the index, Easter had two bank holidays around which many professionals took extended leave, a contributor to the downward shift. However, the annual holiday season fails to fully account for the drop in both jobs and jobseekers.

“We’ve seen an even sharper drop in applications from EU citizens for positions across the UK, and businesses are pressing the pause button on hiring until after the June general election,” Hakan Enver, Operations Director, Morgan McKinley Financial Services, said. “In the months leading up to the EU referendum, hiring and job seeking came to all but a standstill, only to shoot back up again after the vote. We may be seeing a similar trend emerge now.”

“Keeping businesses in London is proving a challenge for the government, but it’s nothing compared to what it’ll take to lure them back if they leave,” Enver said. “Political leaders failed to assure businesses that they would fight to keep jobs in the UK. Instead, it’s been ten months of promising a hard Brexit, with radio silence on details. Guesswork makes for poor business planning, so everyone is prepared for a worst-case scenario and the impact on jobs is undeniable.”

“The UK trains excellent professionals for the jobs of the future, but the rate of demand for skilled financial services professionals, especially engineers and IT experts, is soaring. To keep up with demand, businesses need to recruit beyond the British born,” Enver said.