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The UK’s financial landscape in 2024 is set to shift significantly, with London poised for growth and other regions facing challenges. London’s financial sector is expected to see a 7.9% increase in job vacancies, totalling around 39,345 positions, which would raise its share of the UK financial job market from 46.2% in 2023 to 50.5%.

Northern England, historically a centre for industries such as manufacturing, is undergoing significant economic shifts. The North faces specific obstacles amid broader UK economic challenges, with recent political and economic changes affecting its growth trajectory. 

In a historic comeback, Donald Trump has been elected as the 47th President of the United States, securing 279 electoral college votes and winning key swing states like North Carolina, Georgia, Pennsylvania, and Wisconsin. His victory could reshape both US and global policies across critical areas: trade, climate, energy, and foreign relations.

The shift in policy with this new Government is tangible and it is the south that is likely to see the biggest transformation in terms of house building and construction. Meanwhile, professional advisors are busier than ever, as the proposed changes to employment law start to become a reality.

With the new government now in situ, the business community is slowly getting clarity about what the Labour Party is intending to do. With that, the economy has picked up this year, and growth is on track to be significantly higher than in 2023.

The legal sector has had an interesting year so far, with vacancies noting only incremental changes, despite major external events in the UK. However, while there has been a seemingly stable demand for skills amidst reports of an expected uplift in the sector, applications have plummeted, which will ring alarm bells for employers and recruiters.

The IT sector has faced a challenging talent market over the past year, with vacancies on a continued downward trend, highlighting the broader cutbacks that have been made in the remit. However, what is of more concern are the falling application numbers.

Salesforce has been a hot topic in recruitment this year with many industry leaders learning about its potential benefits as a front, middle, and back-office solution.

Employers will certainly be hoping that the new Government may signal a change in fortunes for what has been a relatively beleaguered sector.

July’s rise in vacancies, both permanent and contract, is a positive turn in light of the current challenges in the market. Continue to use the summer quieter periods to focus on strategic projects, and prepare for what could be a busy few months ahead for the recruitment sector.