Morgan McKinley's London Employment Monitor found that the lack of movement suggests firms are waiting for the outcome of the general election. Despite the lack of Brexit proposals during the election campaign, Labour Party leader Jeremy Corbyn has planned to push for a number of tax increases if he gets into power, which may have stalled London-based businesses.

The monitor also found an 11 per cent decrease in jobs available year-on-year for May 2017. According to the report, this is a modest decline Y-O-Y compared with previous months, which has raised hopes that the sharp downward trend might be drawing to a close.

The firm stated that the “financial services industry contributes nearly 12 per cent of the government’s total annual tax receipts, making it a crucial component of Britain’s economy”. However, Hakan Enver, operations manager at Morgan McKinley, believes that tax hits by Labour, if they win the election tomorrow, may see firms leave London.

“Employers know that Brexit is happening no matter which party wins,” said Enver. “They’re more concerned now about whether voters will choose a pro or anti-growth platform. Brexit forced financial services institutions to draft plans for leaving the City. Draconian tax hikes at home may just force them to put those plans into action.”

The report also found a 14 per cent increase in professionals seeking jobs, both in and out of employment in May versus the previous month. But the numbers for the year plummeted with a 42 per cent decrease in professionals seeking jobs from a year earlier.

“Job seekers, unlike institutions, are not waiting for election results to make their next move. They’re optimistic about the City’s jobs market,” said Enver. “The year-on-year drop in job seekers reflects the fundamental shift of the City’s job market as non-British professionals continue to either leave for more secure markets, or cling to their existing job until they get more clarity about their right to work in the UK."