London labour market strengthens

Octoberís Bank of Scotland London Labour Market Report highlighted that permanent staff placements and temporary staff billings continued to rise strongly in the capital.

Pay rates also rose for permanent and temporary staff given a lack of skilled candidates in some industries. A number of recruitment consultants also reported that a rise in the national minimum wage led to higher wages for temporary staff in October.

At 61.4 in October, the reportís unique ëBarometerí was broadly unchanged since September and signalled that the rate of improvement of labour market conditions in London remained above the UK average.

Tim Crawford, Group Economist at Bank of Scotland, commented: ìThe London labour market has strengthened over the past year and growth rates continue to outpace the UK average. In October there was an increase in job vacancies and appointments in the Capital. Pay rates have also risen in London as employers try to attract the right candidate in a tight labour market.î

To read the full report, please click here