Conservative win boosts City hiring
Contract vacancies dipped by 10% between March and April 2015, as uncertainly surrounding the election spooked hirers across the financial services sector. However, greater positivity – indicated by the fact that shares in Lloyds, Royal Bank of Scotland and Barclays all jumped following the announcement of a Conservative majority – is already creating a flurry of demand for contractors to assist the City in capitalising on this brighter outlook.
Commenting on current market conditions, Jodie Finn, director at Venn Group comments, “In the run-up to the election hiring activity was largely put on ice as financial services institutions held their breath in anticipation of a favourable result. The stability which another term with David Cameron will ensure, namely the avoidance of measures such as a 50% tax on bonuses and a market share cap on the UK's biggest retail banks which were proposed by Labour, means that hirers are already looking to plug gaps created by pre-election uncertainty. Brokers are confident that HSBC and Standard Chartered are not set to leave London in the immediate future and it seems that big banks, for the time being, are urgently concentrating on improving profitability to appease shareholders. In the weeks following the election, we are already seeing a spike in demand for Structured Finance Division (SFD) specialists - particularly those with experience in EMG business management systems - who can help organisations to manage risk and return by navigating the complex legislative parameters.”