Is confidence finally returning to London's jobs market?

Fears that hiring at City firms would come to a halt post-Brexit have eased, with confidence returning to London’s job market.

The number of jobs in the capital increased by 11% during Q1 2017, in comparison to figures from the same period in 2016, according to data from recruitment firm, Robert Walters - City AM reports.

The number of roles in London increased during the first quarter of 2017, with a spike in financial services roles bringing a profit boost to the firm.

The consultancy’s eponymous Chief Executive, Robert Walters, said fees from banking jobs in London it had recruited for were 50% higher than in the same period in 2016. He cited investment management and cyber security as two of the fastest growing sectors.

"It may be a trend or not, but the thing it does show is there certainly isn't a mass exodus of banks going on," he said.

Uncertainties over freedom of movement, trade policies, the possibility of banks relocating outside of London and ‘pass-porting’ (where UK-based companies sell services to other EU countries) triggered fears that hiring in the financial services and banking in particular, would come to a halt.

However, anxieties surrounding the UK’s instability seem to be easing.

Chris Hickey, Chief Executive of Robert Walters UK, Middle East and Africa said: “The figures from the first quarter of 2017 are encouraging, indicating that many firms are returning to a ‘business as usual’ approach.”

Walters added that if companies were going to relocate, then New York could be the city which would benefit the most: "That would be good for us either way, as we have a presence there too," he said.

Gross profits at the group increased to £23.9million in the three-month period, up from £18.9million in the previous year, whilst overall fees for the company were up 33% to £78.3million – The Telegraph reports.

Robert Walters also said UK regional recruitment was strong during the period, however, employers are still facing a skills shortage, with 1.6 roles for each candidate.

In Europe, Spain, Germany and the Netherlands produced the strongest rates of growth in the region, all increasing fee income by more than 25%.

Spectacular growth was recorded further afield, with fees in North America, Brazil, the Middle East and South Africa increasing 47% on the previous year.

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