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Peer2Peer Finance News | July 19, 2019

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London’s fintech crown under threat as workers look elsewhere

London’s fintech crown under threat as workers look elsewhere
Marc Shoffman

TECHNOLOGY professionals in London are more likely to search for jobs outside of the capital than other types of candidates, putting the city’s status as a fintech hub at risk, Indeed claims.

The job posting website has revealed that the technology sector accounts for 10.8 per cent of its recruitment adverts, with 30.8 per cent of roles based in London, but employees in this sector who are already based in the capital are more likely to be looking elsewhere for work.

It found a London tech candidate was twice as likely as the average job-hunting Londoner to be considering jobs in Scotland, with north-west England having a similar draw for tech professionals keen to escape the capital.

Tech professionals from London were also 1.6 times more likely to be looking for similar roles in Yorkshire and the west Midlands.

Read more: British Business Bank reaffirms support for fintech in new report

“London still boasts nearly a third of the nation’s available tech jobs, meaning the capital’s dominance of the UK tech sector is under no immediate threat,” Mariano Mamertino, economist at Indeed, said on Friday.

“Yet booming regional tech hubs like Cambridge – which this month saw the opening of a major new Amazon development centre – are catching up fast.

“Our research suggests their success, coupled with the regions’ lower living costs, could tempt ever more London-based tech workers to look beyond the M25 for their next role.

“While London’s tech hub crown is not yet up for grabs, such an exodus could make it harder for the capital’s tech employers to find the skilled people they need to grow further.”

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