Brexit Takes a Drastic Toll on Britain’s Bank Jobs

Brexit Takes a Drastic Toll on Britain’s Bank Jobs

The coming of Brexit has taken a drastic toll on banking jobs in the UK. The country is getting ready and bracing itself for lots of uncertainties as the conclusion of Brexit has continued to protract.

The Fall of Job Statistics in November

In November alone, jobs in the UK fell by 39% when compared with the statistics in November 2017. There was also a 4% decrease in November when compared with the number of jobs available in the previous month of October 2018.

The number of professionals seeking jobs also fell by 14% in November when compared with the statistics in the previous month. The difference in job availability compared with same November of last year gives a 28% fall.

The managing director of Morgan McKinley, Hakan Enver, remarked that Brexit has significantly affected banking jobs and with the colossal Brexit deal on the table, the country is getting ready for even more pain in the years to come.

He went further to say that the year has been rough for job seekers and that the country made no significant progress this year.

Just last Tuesday, MPs were to vote on the Prime Minister’s Withdrawal Agreement, but on Monday, a day before the D-day, the signing was called off.

Enver remarked that the financial industry contributed GBP 119 billion every year to the UK’s economy but that it was ‘stunning’ that this same industry was barely mentioned in the 585-page draft of the Withdrawal Agreement.

He called for the modernization of visa regulations expecting that raising the bar for residency for EU nationals, will be offset by relaxing visa barriers for applicants from the US and Asia as well.

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