The KPMG and REC, UK Report on Jobs highlighted a significant downturn in London's hiring activities in February, marked by declines in both permanent placements and temporary billings. Economic uncertainty and recent labour policy changes contributed to conservative hiring practices, with the number of vacancies dropping sharply. Excluding pandemic months, these declines were the most pronounced since the Global Financial Crisis. Despite increased redundancies and staff availability, pressures to attract skilled workers affected pay rates, which remain historically low. Overall, the market showed signs of potential stabilization as firms prepare for the upcoming tax year.
"Hiring activity in London remained subdued in February, as a challenging macro-economic picture and pay pressures led to notable slowdowns in both permanent staff hiring and temporary billings."
"The capital saw the steepest fall in short-term billings of all UK regions, but it was encouraging to see the decline in permanent placements ease to the slowest for four months."
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