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London financial job openings drop by 12%

London financial job openings drop by 12%

Danny Romero
| January 13, 2025
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Job availability within London’s financial services sector decreased by 12% in Q4 2024 when compared to Q4 2023, according to Morgan McKinley’s 2024 London Employment Monitor.

When compared to the prior quarter (Q3 2024), there was an 18% decrease in jobs available.

The Monitor also showed a 28% decrease for the full year 2024 from 2023.

“The hiring slowdown began well before the Chancellor’s Autumn Budget, highlighting global economic fragility,” Mark Astbury, Director, Morgan McKinley, said in a press release. “High interest rates aimed at controlling inflation have tightened credit markets, reduced consumer spending and curbed corporate investment. These pressures had already caused a cooling of the jobs market long before fiscal policy changes were introduced.”

“The budget’s measures, such as the planned increase in employer National Insurance contributions, will only exacerbate the strain on businesses, forcing many to implement hiring freezes or abandon growth plans altogether,” Astbury said.

According to Astbury, with interest rates expected to ease this year, ‘the groundwork for revival is taking shape’.