Recruiter Hays in London slowdown

London’s job market is under more pressure, according to the UK’s biggest recruiter as it reported another big drop in hiring in the capital.

Hays, which finds jobs for 360,000 people worldwide a year, said London net fees fell 15% for the three months ending December, the worst performing region in the UK.

“The financial services market is very difficult and that has been a common theme running into and out of Brexit,” finance chief Paul Venables said.

“Until the institutions get a decent view of what the arrangements are, the market will be subdued. We also have big exposure to construction and property and that has been quiet.”

The 15% drop was a slight improvement on the three-month period after EU referendum vote, when London hiring was down 17%.

UK fees as a whole fell 10% and Venables said: “The more you move away from London the more positive it is.” The slowdown failed to dent Hays, which makes 75% of its fees overseas.

Fees grew 2% on a like-for-like basis, or 17% if currency headwinds are included.

Germany and France were the best performers, up 7% and 14% respectively.

About 60% of the positions Hays fills are temporary and the rest permanent. The company, which has 90 offices in the UK, was established in 1968.