Tory success boost to City
POST- ELECTION stability looks set to substantially boost the number of contract roles as the City gets back to business.
Contract vacancies dipped by 10 per cent between March and April this year as uncertainty surrounding the election spooked some hirers across the financial services sector.
However, research from contract recruiter Venn Group reveals that greater positivity – indicated by the fact that shares in Lloyds, Royal Bank of Scotland and Barclays all jumped following the announcement of a Conservative majority earlier this month – is already creating a flurry of demand for contractors to assist the City in capitalising on this brighter outlook.
Jodie Finn, director of Venn Group, said: “In the lead- up to the election, hiring activity was largely put on ice as financial services institutions held their breath in anticipation of a favourable result.
“The stability that another term with Prime Minister David Cameron will ensure, namely the avoidance of measures such as a 50 per cent tax on bonuses and a market share cap on the UK’s biggest retail banks that were proposed by Labour, means that hirers are already looking to plug gaps created by pre- election uncertainty.
“Brokers are confident that HSBC and Standard Chartered are not set to leave London in the immediate future and it seems that big banks, for the time being, are urgently concentrating on improving profitability in order to appease shareholders.”
Finn added that in the weeks following the General Election, the group are already seeing a spike in demand for structured finance division specialists.
“We are seeing an increase particularly in those with experience in EMG business management systems – who can help organisations to manage risk and return by navigating the complex legislative parameters,” she said.