Highlights
- A look at the impact that Brexit is having on jobs in the UK’s finance sector
- Firms are actively relocating their headquarters and businesses overseas to avoid any damage
As the situation surrounding Brexit negotiations continue without an end in sight, jobs in the financial services sector continue to suffer as a result. Reports from FT Adviser (ftadviser.com) are showing, that due to the substantial impact of Brexit, and the lack of clarity surrounding it, jobs in the financial sector have halved since July 2018.
Many of London’s biggest banks and investors have been reluctant to invest their funds within the UK due to the growing uncertainty on Britain’s economic future. The lack of confidence around Brexit has harmed all employment markets in the capital, with the finance sector proving no exception.
Since the Brexit referendum in June 2016, firms have been investing heavily in relocating their headquarters and businesses overseas. Almost 1,000 jobs within the financial services sector have already transferred, and over 7,000 axed with the UK’s withdrawal from the EU imminent.
Ireland, Luxemburg, Paris, Frankfurt and Amsterdam have emerged as popular destinations for firm relocations. More than 100 firms have already committed to the move overseas, further impacting the number of roles available within the UK’s financial sector.
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The lack of progress around Brexit has seen many projects in the financial sector put on hold, and if a no-deal Brexit becomes a reality, these projects would have no option but to cease in full, further impacting jobs and employment rates.
While the financial services job market may seem to be in quite a poor state, a future in the sector and finding your perfect job is still not out of reach. Researching the market, registering with recruitment agencies and actively searching for openings can put you in the best stead to start or continue your career in the financial services sector.
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