Canary Wharf (6)

The amount of job posts for the financial sector across England has seen a 10% drop since the vote to leave the European Union.

In the two months following the referendum vote, there has been a 13.6% downturn in financial jobs advertised in London, including for Chief Executives and senior officials, managers, as well as administrative occupations.

This is the only year in the last four where this trend has occurred, according to the research by the Institute of Public Policy Research (IPPR).

The government should reduce the economic damage of uncertainty over Brexit by saying it will prioritise passporting rights and access to the single market in negotiations, said IPPR.

Passporting rights enable company’s trade across the EU without having separate licences, meaning when the UK leaves the EU, these rights may be in jeopardy.

Clare McNeil, IPPR associate director for work and families said: “As one of our largest sectors, the financial sector is vital to the wider wellbeing of our economy.

“That is why the Prime Minister needs to end doubts around whether the government will pursue access to the single market and passporting rights as high priorities in the Brexit negotiations.”

Whereas official job figures have a time lag of at least six weeks, IPPR’s research with Burning Glass technology uses live postings that can provide a more immediate picture of trends in particular industries or occupations.

In terms of the broader job market beyond the financial services sector, employer recruitment patterns in the two months before and after the referendum vote were in line with previous trends.

Since the Brexit vote however, the percentage drop in postings in the finance sector has occurred in every region across England.

Outside the capital, Yorkshire and the Humber saw the second highest drop at 11.2%, whilst the South West saw a decline of just 3.6%. The amount of financial sector posts across the whole of England stood at a 10.1% decrease.