City hiring remains resilient as firms shrug off Brexit

Morgan McKinley analysis shows the City is still hiring despite fears of a hard Brexit.

City of London job vacancies decreased just 6% in October compared to September this year as firms continue hiring despite Brexit, according to a report by Morgan McKinley.

October employment opportunities stand in contrast to the post-Brexit alarm rhetoric although a hard Brexit could change this, the report explained.

Hakan Enver, operations director at Morgan McKinley Financial Services, said: “There’s a tendency to blame everything on Brexit these days, so it’s encouraging to see that businesses haven’t stopped recruiting.”

The report said that banks made 20,000 redundancies across Europe this year, although London was less affected than other financial centres.

“It’s normal to see these types of layoffs about once a year, but it appears that London was spared in this round. The much feared recession has failed to materialise,” Enver explained.

Morgan McKinley added that the loss of passporting under a hard Brexit would “deal a blow across the board” and the booming FinTech industry could take a disproportionately large hit.

“It’s unrealistic to expect one nationality alone to have the requisite expertise to cater to the complex needs of the FinTech industry.

“Passporting is essential for the ability for institutions to continue to attract the best and the brightest to work in London,” Enver concluded.