The number of jobs available in London decreased by 39% in November 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 28% decrease in professionals seeking jobs.

On a month-over-month basis, the number of available jobs also fell by 4% in November from October and the number of professionals seeking jobs decreased by 26%.

“In November of 2017 jobs were up by 5% from the previous month, and only down by 3% from the previous year,” said Hakan Enver, managing director at Morgan McKinley. “Brexit has taken a considerable bite out of banking jobs and with an ambiguous Brexit deal on the table, the city’s bracing for more pain ahead.”

It’s been a year of peaks and troughs for job seekers, according to Enver. “When you balance it out over the course of the year, however, it’s a relatively flat trend,” he said. “We are ending the year very much where we began,” Enver said. The annual holiday season slowdown coincides with the looming Brexit deadline which will determine who can and who cannot work in Britain.”

Average salaries in London increased by 21% in November from October for city professionals moving from one organisation to another. “What is apparent is that the lower flow of individuals searching for new employment isn’t deterring institutions from offering a premium to secure their services,” Enver said. “Historically, the year end is a time where candidates are put off from looking to move. In fact, there are some serious benefits to consider moving now.”