The number of jobs available in London decreased by 33% in October when compared to a year ago, according to the London Employment Monitor report by recruitment firm Morgan McKinley. At the same time there was a 23% decrease in professionals seeking jobs.

When compared to September, the number of available jobs also fell by 7% and the number of professionals seeking jobs increased by 26%. During the same period, salaries increased in London by 25%.

“With no summer uptick in jobs to boost the market going into autumn, the October jobs landscape was an austere one,” Morgan McKinley stated. “Traditionally, this is the time of year that institutions slow down their hiring until after the new year, making for a potential drop in hiring for the remainder of 2018.”

Hakan Enver, Managing Director, Morgan McKinley Financial Services, commented, “Brexit’s grip on jobs feels permanent, but one way or the other, the fever will break in the coming months.”

“Businesses are holding their cards close to their chests, prepared to hold off on announcements until the very last minute, and that’s worrying their staff”, Enver said. “Professionals who want to stay in London, but are concerned about their roles being transferred overseas, are leveraging the shrinking window of time to try and secure a job locally. This is shown in the 26% increase in professionals seeking jobs compared to the prior month.”