London job growth is thriving despite Brexit deadline looming

Professional employment in London shows no signs of slowing down in the run-up to Brexit, as vacancies across the city increased by 23% year-on-year. That is according to new data from the Association of Professional Staffing Companies (APSCo), based on research undertaken by Vacancysoft. While job openings in banking remain flat due to a number of financial services firms relocating outside of London, other sectors are booming.

The technology sector is the largest and fastest growing, recording a significant 44% increase in hiring activity year-on-year. Given this, it’s no surprise that demand for IT professionals increased by 25% year-on-year, forming 37% of all advertised positions.

With the rise in hiring activity across several sectors, growth in demand was also significant for HR professionals, where placements increased by 33%.

Vacancies for B2B business development & sales professionals also increased by 37%, accounting for 6% of all professional vacancies.

Technology, Media & Telecoms (TMT) meanwhile saw a 32% rise in demand for talent. As BBC, Sky and Facebook all hold positions in the top 20 companies for hiring in London, this is unsurprising.  

There was also a notable rise in accounting & consulting positions, with demand rising by 20%. Similar to TMT, leading accounting & consulting firms populate the top 20 list of companies driving recruitment in the city. KPMG LLP holds the top position, with hiring increasing by 76% year-on-year in Q1 2019. EY and Deloitte LLP also make the list.

Commenting on the data, Rina Durban, Membership Relations Manager at APSCo said:

“It’s fantastic to see that the capital is withstanding Brexit pressure and that the job market is still strong. London’s rich talent pool, particularly in the technology sector continues to draw in leading companies to encourage market growth. Demand in this area is now particularly high as London has successfully pivoted into becoming one of the leading global hubs for technology.

“After Silicon Valley, London has taken second place in the world for tech development and this is being reflected in venture capital and private equity funding flooding the city.”

“It’s also no surprise that as companies expand their headcount and capabilities, B2B business development & sales professionals correspondingly increase in demand.”