The number of jobs available in London fell by 13% in September, when compared to last year according to the latest London Employment Monitor from Morgan McKinley.

Year-on-year figures from the monitor also showed that there was a 49% decrease in professionals seeking jobs.

“While it’s fair to say that the city will never return to hiring levels seen pre-2007, Brexit has further hampered any form of real recovery, with businesses stuck in limbo, unable to commit to creating new positions,” Hakan Enver, Operations Director, Morgan McKinley Financial Services. “All the makers of a successful market are there, but the regulatory confusion is holding everyone back.”

“Back to back months of job-seekers being half of what they were this time last year is distressing, but predictable” Enver said. “For fifteen months and counting Londoners have been stuck in a cycle of confusion, it’s to be expected that many would choose to leave.”

Enver added that among jobs in London, “The technology and regulatory spaces are a beacon of hope for those discouraged by the jobs market, and have kept us exceedingly busy the last few months.” The monitor stated that questions surrounding freedom of movement are causing a workforce shortage in the UK.

“Unless commitment can be given to both UK citizens based in EU countries and EU citizens currently residing in the UK, the levels of general concern will continue to drive skilled talent out of the respective nations. London is at risk of one major brain drain,” Enver said.

On a month-to-month basis, the monitor reported a 6% increase in jobs available in September and a 14% increase in professional seeking jobs.