City hiring holds firm despite election worries

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Fears of a slowdown in City hiring activity proved unfounded as financial firms shook off their election jitters to further increase headcount.

The latest Morgan McKinley London Employment Monitor reveals that the number of professional opportunities in the Square Mile increased by 14% in April, despite worries of a contraction due to a hung parliament. Annual figures for job creation reported an increase of 17%.

This appetite for hiring was matched by the number of people looking to switch roles. The report found that 28% more professionals wanted to jump ship in April compared to the previous month, while there was a year-on-year increase of 59%.

Hakan Enver, operations director at Morgan McKinley Financial Services, said: “The data shows that in the lead up to the elections, hiring was not affected as many had predicted. In actual fact, the data clearly shows the opposite.”

Meanwhile, the study also claimed that the Conservatives’ surprise victory has made the UK’s proposed EU exit a “major subject of interest” within the financial sector. Mr Enver said that the majority of City firms are in favour of staying within the union, with nearly three-quarters of executives opposed to the idea of a “Brexit”.

Mr Enver added: “By completely breaking from the EU, there could be a longer term impact to business in the UK. Not only would it create a threat of jeopardising the trading alliances with the eurozone, but also the UK’s alliances with the US and the Middle East would be thrown into question.”

Have your say

Are you a London-based recruiter? Have you noticed an increase in job opportunities? Why do you think fears of election jitters failed to materialise? Join in the discussion on Twitter, or leave a comment below.