The number of professional jobseekers in London fell by 42% in May when compared to the previous year, according to data from Morgan McKinley’s London Employment Monitor. The data also showed 11% decrease in jobs available, year-on-year.

On a month-to-month basis, there was a 0% change in jobs available in May and a 14% increase in professionals seeking jobs, month-on-month. Morgan McKinley states that the lack of movement suggests a flattening out of the job market as businesses await the outcome of the general election on 8 June 2017.

“Employers know that Brexit is happening no matter which party wins. They’re more concerned now about whether voters will choose a pro or anti-growth platform,” Hakan Enver, Operations Director, Morgan McKinley Financial Services, said.

Enver also stated that Brexit has forced financial services institutions in London to draft plans to leave the city. “Draconian tax hikes at home may just force them to put those plans into action," Enver said.

As for the 11% decrease in available jobs, Enver commented, “Employers are telling us that they’re no longer factoring Brexit into their hiring decisions. They are working with what they have, not what may or may not happen in years to come.”

“Job seekers, unlike institutions, are not waiting for election results to make their next move,” Enver said of the 42% decline in professional jobseekers. “They’re optimistic about the city’s jobs market. The year-on-year drop in job seekers reflects the fundamental shift of the city’s job market as non-British professionals continue to either leave for more secure markets, or cling to their existing job until they get more clarity about their right to work in the UK.”