Recent figures show that jobs in the capital fell by 24% between Q1 and Q2 this year, with the reason thought to be due to a sustained period of high inflation.
According to the Association of Professional Staffing Companies (APSCo), a combination of high inflation and continued uncertainty has damaged London’s hiring market.
The APSCo report, using data provided by Vacancysoft, revealed that across the sectors, figures show that banks have accounted for 17.5% of the vacancies so far this year, compared to 15.5% within technology companies, knocking technology off the top spot for the first time in 2023.
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Email JaimeAnn Swain, Global CEO at APSCo, said, “While inflation is starting to fall, the latest data does show that the UK’s sluggish economy is hitting the capital hard, but the current skills landscape is not helping employers either.
“The Government must do everything possible to encourage economic growth and avoid a recession. While many companies are reluctant to hire at the moment, those that are, face difficulties finding people with the right skill sets.
“Policymakers need to make it easier for firms to hire staff, be it through changes to tax and regulation or better access to highly skilled talent from overseas.”
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