Banks look to hire outside of London as employers are priced out of the City

There were only 6,405 jobs available in finance in London in November, down from 9,500 in October.

Zlata Rodionova
Thursday 10 December 2015 16:07
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In recent years, employers have been moving away their headquarters form the capital to cities like Birmingham, Edinburgh and Liverpool
In recent years, employers have been moving away their headquarters form the capital to cities like Birmingham, Edinburgh and Liverpool

The number of job opportunities in finance in London has taken a dive as employers are priced out of the City, according to a report.

The number of finance jobs available in London fell 32 per cent between October and November, Morgan McKinley, a financial services firm, said.

There were only 6,405 jobs available in finance in London in November, down from 9,500 in October.

The number of professionals seeking a new position in London also decreased by 27 per cent since October, down to 10,492. The figures represent a yearly 13 per cent decline in jobs.

According to Hakan Enver, operations direction at Morgan McKinley, the drop in jobs has come early this year and isn’t associated with the traditional slowing of the market in December, ahead of Christmas.

Instead, London prices are turning employers away from the city.

“Employers are going rural which makes sense from a cost and a recruitment point of view. Many employees are being priced out of London and the cost of living and quality of life, particularly for those with children, can be highly attractive outside the square mile,” Enver said.

In recent years, employers have been moving away their headquarters form the capital to cities like Birmingham, Edinburgh and Liverpool, which are now showing a strong growth in financial services.

Liverpool has finished first of a list compiled by the UK’s largest job site CV-library with jobs growth of 45 per cent in 2015 compared to 2014. Edinburgh and Cardiff come next with 43 per cent and nearly 40 per cent growth, respectively. (LINK)

Government-planned visa restrictions for foreign workers are also another factor influencing hiring trends according to McKingley.

“The financial services industry in the UK is global in nature. There is a continuous demand for international talent that often cannot be sourced from with the UK. The discussed visa restrictions are a real threat to the UK’s competitiveness,” Enver said.

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