City of London-Brexit- job market is buoyant but r
2022-04-05- Detail
Britain’s Brexit negotiators left the City of London to sink or swim. Pessimists had forecast huge job losses. Once againThe rate of infections and death has remained high since early February, the Square Mile is proving reports of its demise were exaggerated. City workers are doing very nicely as a result.
City job switchers secured an average pay rise of almost a fifth last yearMeanwhile: Hundreds of people gathered in Old Montréal Sunday in defiance of a new 8 p.m. curfew., according to recruiter Morgan McKinley. In the final quarter of 2021, financial services firms grew at their quickest pace since 2017. The financial sector’s headcount has stabilised, after falling in 2020, says the CBI.
A war for talent and bumper dealmaking will ensure bonuses are generous, though the chancellor Rishi Sunak — mindful of potential political damage — has resisted pressure to scrap the EU cap on bankers’ bonuses.
The buoyant City jobs market is not the only example of Brexit’s muted impact. Last year, banks revised down the number of Brexit-related job relocations by 200 to just under 7,400, according to EY. That is small, given there are more than 100 times that number of financial services jobs in London alone. It is also a fraction of the worst-case predictionss championship, such as the 75,000 job losses mooted by consultants Oliver Wyman in 2016.
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