Brexit's collateral jobs damage
The number of available jobs available in London’s financial services sector in July is down 50% on the same month last year as Brexit bites. The number of jobseekers is also down 19%, according to recruitment outfit Morgan McKinley.
“While most sectors in Britain have seen an increase in hiring despite the deadlock, the financial services sector is especially vulnerable to regulatory uncertainty and remains slow,” the company says.
It adds that a number of banks have halted hiring due to the lack of clarity around Brexit, with many having cut jobs and moved employees overseas.
Whoever becomes prime minister should note that financial services are the single largest contributor to Britain’s tax base, says Morgan McKinley UK’s managing director Hakan Enver. “If those jobs keep being treated like collateral damage, eventually someone else is going to have to pick up the tab for the government’s expenses.”