Brexit salaries boom but jobseekers still uncertain

It’s been one year since the UK voted to leave the European Union, but what impact has Brexit had on UK salaries?

According to data from CV-Library, Glasgow experienced an increase in job vacancies by almost a quarter (24.1{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}) and salary growth of 4.6{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6} amongst other major UK cities,

The report, which compared data from the last month with figures from June 2016, also found that average salaries were up by 1.3{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}, whilst major UK cities such as Sheffield (11.3{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}), Cardiff (10.9{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}) and Edinburgh (7.4{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}) saw the most significant salary growth.

Coming in the wake of June’s general election and amidst concerns over post-Brexit economic turbulence, this data details a positive trend in employment. Sectors such as social care and education which were thought to be particularly at risk from the UK’s exit from the European Union, also experienced strong salary growth, whilst the hospitality industry topped the list with growth of 15.2{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}.

Furthermore, the job vacancy average increased by 4.4{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}, with significant growth in Glasgow, Brighton and Manchester, increasing by 24.1{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}, 19.5{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6} and 17.5{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6} respectively, going some way to allay fears of economic uncertainty.

CV-Library’s Founder and Managing Director Lee Biggins comments: “We are now one year on from the EU Referendum, and with post-election uncertainty still looming, it is very positive to see that salaries are continuing to rise at a steady rate, across the UK.

“Many key cities and sectors have seen positive growth, indicating that businesses across the nation are still working hard to attract talented candidates to their vacancies, despite these unpredictable times.”

However, this positivity does not appear to be matched by jobseekers, whose uncertainty is represented by the 11.6{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6} drop in candidate application rates since June 2016.

Biggins continues: “It’s clear that that there is still a lot of uncertainty across the nation and therefore, unsurprising that application rates have taken a dip…While candidate appetite does tend to drop in the summer months, as the dust settles post-election we hope to see application rates pick back up.”

Salary growth in major UK cities

Sheffield – 11.3{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Cardiff – 10.9{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Edinburgh – 7.4{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Glasgow – 4.6{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Leeds – 3.3{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Manchester – 1.6{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

London – 1.5{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Bristol – 1{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Brighton – 0.5{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}

Southampton – 0.2{e85120a690986c003b28f85c6b4de0e089ccbb3c964777e8593c25d2056b3cf6}