Belfast Telegraph

Rise in financial sector job vacancies despite Brexit fears

London's powerhouse financial sector has recorded its first annual rise in job vacancies since the Brexit vote, according to a report.

A study by Morgan McKinley found that the number of available jobs climbed 6% year-on-year in November, fuelling hopes that employment in The City will remain strong at the start of 2017.

The rise came despite job vacancies tumbling 14% month-on-month, but the report said the fall was in line with seasonal trends which show hiring slows around Christmas.

Hakan Enver, operations director at Morgan McKinley Financial Services, said the gradual decline in jobs during the second half of 2016 was less aggressive compared to the same period last year.

"This is the first post-Brexit year-on-year increase in jobs that we've seen. Heading into the new year with a higher base of jobs compared to last year, bodes well for City employment in 2017."

The number of professionals hunting for new posts also rose 16% year-on-year in November, but edged down 9% on the month, the study said.

"Redundancy numbers are up, so a spike in job seekers is to be expected", Mr Enver added.

London's financial firms have become increasingly concerned about their ability to trade with Europe if the UK Government opts for a ''hard Brexit'' and pulls Britain out of the single market.

They are waiting with bated breath to discover whether the UK can hold on to passporting rights, which allow lenders to trade freely across EU.

According to TheCityUK, a so-called ''hard Brexit'' could cost the City of London 75,000 jobs.

The uncertainty surrounding Brexit has seen rival European financial centres launch a charm offensive on London's banks and businesses - encouraging them to shift their operations to Dublin, Frankfurt or Paris.