{
  "id": 13867030,
  "title": "City finance jobs shrink as Budget fears add to cautious mood",
  "url": "https://urgent.news/2026/10/12/city-finance-jobs-shrink-as-budget-fears-add-to-cautious-mood",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-12T04:01:00.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/city-finance-jobs-shrink-as-budget-adds-to-caution/"
  },
  "original_language": "en",
  "account": "In London, finance sector job opportunities decreased by 30% in September, with 1,200 vacancies compared to 1,719 in July, according to recruiter Morgan McKinley. The decline was six percent quarter-on-quarter and 11 percent annually, following heightened concerns about employment costs and economic turmoil. Morgan McKinley director Mark Astbury noted the cautious business environment, stating that each new hire is being scrutinized more closely before hiring. The upcoming Budget on October 28 could exacerbate this uncertainty. Employers are concerned about increased national insurance contributions, which were introduced last year following former Chancellor Rachel Reeves' first Budget. There is also concern over potential further measures and the effect they could have on hiring. John Healey, the Chancellor, is expected to have his fiscal headroom reduced to £11bn due to rising borrowing costs from the Iran war. Analysts at EY predict this fiscal projection. Healey has pledged to fund everyday spending through tax receipts in an effort to curb borrowing. This has sparked speculation of potential tax hikes to balance the budget. City banks have responded defensively to calls for increased sector-specific charges on lenders. Jamie Dimon, CEO of JP Morgan, reportedly warned Healey in August that higher taxes could drive jobs overseas. UK Finance's David Postings warned the Chancellor of the consequences of targeting the sector, emphasizing its widespread impact and importance to the economy.",
  "summary": "Finance jobs in London shrunk in September as employers weighed up the raft of economic pressures and uncertainty around the forthcoming Budget. City vacancies tumbled 30 per cent to 1,200 by the end of the third quarter, compared with 1,719 in July at the start of the three-month window according to recruiter Morgan McKinley. Jobs [...]",
  "key_points": [
    "Finance sector jobs in London dropped 30% in September",
    "Upcoming Budget on October 28 may worsen hiring uncertainty",
    "Chancellor's fiscal headroom reduced to £11bn due to borrowing costs"
  ],
  "editors_take": "Heightened fiscal uncertainty and potential tax hikes are forcing London finance firms into a defensive posture that prioritizes cost scrutiny over expansion and threatens to drive employment overseas.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}