Morgan McKinley: "the city of London is thriving"

 

According to Morgan McKinley’s latest London Employment Monitor, and bucking post-Brexit expectations, the City of London is thriving. The report confirms that the historic triggering of Article 50 had no significant effect on March hiring numbers.

Highlights of the report include a 17% increase in available jobs, month-on-month, and a 13% increase, year-on-year. The number of professionals seeking jobs decreased 9%, month-on-month, and 25%, year-on-year.

March also saw the FTSE 100 close at a record high of 7,415.57, while a barrage of mergers and acquisitions are expected to deliver an industry windfall.

As London continues to attract investors from across the globe, institutions are grappling with the need to maintain access to the common European market, as well as the wealth of investors and economic productivity in and around London. Instead of relocating to Europe, financial services are increasingly looking for the best of both worlds by keeping their foothold in London and expanding operations in or to other European financial hubs.

Furthermore, a report commissioned by Deloitte concludes that London’s connectivity makes it the world’s number one fintech hub. Largely unfazed by the Brexit fallout, and beating Silicon Valley and New York to the top spot, London has all of the key ingredients for digital success: capital, talent, regulatory and government support, and demographic diversity. London also has limited reliance on 'passporting' to do business, and investors are accustomed to navigating diverse regulatory environments.

The only clouds the industry sees forming on the horizon however are with respect to freedom of movement. With Article 50 triggered, many fear that their right to work in London will run out in March 2019.

Though the government has indicated willingness to permit EU citizens to enjoy freedom of movement even beyond Britain’s formal departure from the union, a new poll shows that the government is under immense pressure to maintain a hard line against non-nationals in the British workforce.

With elections set in key European countries in 2017, employers and employees alike understand that things are likely to stay rocky for the foreseeable future, and are focused on playing to current strengths instead of unknown future woes.

With Europe’s lacklustre economic performance as compared to Asia and the United States, upcoming renegotiations of trade deals are seen as a potential boon for the economy. Analysts are focusing on the redrafting of terms with India, China and America in particular. 

Hakan Enver, Operations Director, Morgan McKinley Financial Services, noted “Businesses are done trying to read the tea leaves to see what lies ahead, and they’re getting back to the business of hiring talent. M&A is the heartbeat by which we measure how investments are operating, and all signs point to a healthy City.

“This time a year ago we were looking at significant drops in the number of jobs available. There’s a growing sense that we have a real opportunity to reshape how business is done, for the better.”

Tuesday, 25 April 2017

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