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Brexit uncertainty damaging finance sector job prospects, finds research

There has been a 13% fall in the number of job vacancies in the finance sector in England since the EU referendum vote in June, according to new research based on live job postings by IPPR and Burning Glass Technologies.


In London, the slump has been greater, with a 22% drop in jobs advertised, including for chief executives and senior officials, managers, as well as administrative occupations.


Whereas official job figures have a significant time lag, IPPR’s research with Burning Glass Technologies uses live online vacancies that can provide a more immediate picture of trends in particular industries or occupations. Jobs advertised online represent 80% of all vacancies in the labour market.


IPPR is renewing its call for the government to prioritise retaining access to the EU’s free markets in goods and services in the upcoming Brexit negotiations.


Clare McNeil, IPPR associate director for work and families, said, “This new data shows that uncertainty in relation to the UK’s position on the future of the Single Market and City passporting rights is hurting recruitment in the finance sector, particularly in London. 


“While we must seek to rebalance the economy by revitalising industry outside of London and the South East, this must be achieved through an active industrial strategy and not through a downturn in recruitment in the city as a result of the loss of passporting rights. 


“IPPR is calling on the Government to prioritise retaining access to the EU’s free markets in goods and services in upcoming Brexit negotiations.”


This research comes ahead of the launch of the IPPR Commission on Economic Justice on Thursday which aims to re-write the rules for the UK’s post-Brexit economy.


Picture courtesy of Pixabay

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