Brexit causing City of London to haemorrhage talent

Brexit causing City of London to ‘haemorrhage talent’ Brexit causing City of London to ‘haemorrhage talent’ Image Source: PixabayIn a press release, Hakan Enver of Morgan McKinley, said available jobs in London have dropped by one quarter as institutions make relocation decisions in the wake of Brexit.Jobs in London have dropped by one quarter as institutions make relocation decisions in the wake of Brexit.Enver quotes the London Employment Monitor from February 2020 which highlighted a 23% decrease in jobs available, month-on-month, a 17% decrease in jobs available, year-on-year, a 12% decrease in professionals seeking jobs, month-on-month and a 38% decrease in professionals seeking jobs, year-on-year.The press release, which was entitled ‘Businesses Begin to Pack Their Bags and Leave London’ goes on to state: “One month ahead of government’s article 50 deadline, the jobs market contracts”.According to Hakan Enver, the Operations Director of Morgan McKinley Financial Services, as the government continues to send inconsistent messages about what kind of deal it is seeking for Bri tish businesses, larger institutions in particular are exercising hiring caution.“Brexit has pushed institutions into two camps,” he notes. “On one side we’ve got the ‘business as usual’ team, and on the other we have the institutions that are tired of the government’s hemming and hawing and have already begun to move jobs to other EU countries. It’s the latter group that’s contributed to the quarter drop in jobs available.”“The implementation of Brexit could take years, which is not a problem for small, nimble businesses that don’t need to forecast years out. They can adapt in real time, and cross the relocation bridge when they reach it,” said Enver.“Large institutions, however, are currently using up incredible institutional resources to project years out and plan for a future that changes from one day to the next. For many, it’s simply proving easier to get ahead of the worst case scenario now and get out of London now.”In the press release Enver also highlighted a broader threat to the entire banking system of Europe, leaving an opening for the United States and Asia to usurp jobs and talent from across the region. “There’s no telling what the City or the larger financial services sector will look like a year from today, as companies continue to move a piece here and a piece there. Once enough pieces of the banking infrastructure are dispersed, the whole thing could collapse,” he said.Enver sees a broader threat to the entire banking system of Europe, leaving an opening for the United States and Asia to usurp jobs and talent from across the region. “There’s no telling what the City or the larger financial services sector will look like a year from today, as companies continue to move a piece here and a piece there. Once enough pieces of the banking infrastructure are dispersed, the whole thing could collapse,” said Enver.“The government knows what’s on the line, but they’re still choosing to send mixed mes sages about passporting, trade, euro clearing, and the right of EU nationals to live and work across the UK, not just here in London”, said Enver. “It may well be a negotiating tactic, but it’s one that’s having very real consequences for people’s lives and for our economy.”