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Brexit fears trigger financial sector flight from UK organisation

Mariano Mamertino
article 50

Spike in UK financial sector professionals searching for jobs in Ireland; 55 percent jump in British auditors looking for work in Ireland, with a 50 percent surge among financial analysts, 46 percent for accountants and 36 percent for finance managers. Comment from Indeed EMEA economist, Mariano Mamertino.

Surging interest in Irish jobs from elsewhere in the EU; 196 percent increase in searches for finance director roles, 89 percent in auditor jobs and 62 percent in trader roles. Financial sector professionals “voting with their feet” in response to Brexit uncertainty. The number of Britons and Europeans searching for financial sector jobs in Ireland has dramatically increased, according to data released by the world’s largest job site Indeed.

As major financial institutions consider relocating to Ireland, Indeed’s analysis reveals that both British and European financial sector professionals are already showing increased interest for job opportunities in Ireland. Job searches from the UK for senior financial sector roles in Ireland rocketed in the eight week period after the Brexit vote. UK-based job search for ‘auditor’ roles located in Ireland increased by (55 percent) during this time.  Likewise, job search for accountant (46 percent), finance manager (36 percent), finance analyst (50 percent), finance controller (20 percent) and trader (38 percent) all surged.

European professionals’ uncertainty over their right to work and live in a post-Brexit UK has also prompted many EU citizens to consider Ireland as an alternative destination. Job search from Europeans looking for work in Ireland surged for key financial sector roles: finance director (196 percent), auditor (89 percent), and trader (62 percent). Indeed EMEA economist Mariano Mamertino commented: “The surge in job search into Ireland is a testament to Ireland’s attractiveness as a place to live and work, but also a stark illustration of how Brexit uncertainty is undermining Britain’s appeal.

“Ireland is seen as a natural alternative to the UK by EU jobseekers. It’s an English-speaking country, with a flexible labour market and one of the fastest-growing economies in Europe. Not only are growing numbers of British people searching for Irish jobs, so too are jobseekers from elsewhere in the EU. Although nobody can predict the outcome of a “hard Brexit”, Indeed’s job search data suggests jobseekers are already voting with their feet – or at least considering it – in response to the political uncertainty. The much-feared financial sector flight could be beginning – but from the ground up, rather than the top down.”