The amount of UK finance jobs being advertised fell by 61.2% in July year-on-year, according to UK job board CV-Library, while competition has increased with job applications up 17.9%.

What may be reassuring is the month-on-month figure, which shows there were 25.7% more vacancies in July than in June this year.

Despite there being less jobs available, average pay rose by 5.5% year-on-year; from £35,532 ($46,809) in July 2019, to £37,484 in July 2020. However, average salaries dropped 2.2% month-on-month. 

CV-Library CEO Lee Biggins said: “Demand for jobs is still outstripping supply and this will be a trend that we’ll continue to see for some time. Naturally, the summer months tend to be a quieter time for both recruitment and job searching. However, the fact that our economy is struggling means there are less opportunities up for grabs than normal and more people looking for work; not an ideal combination.

“While it’s a promising sign that salaries are higher than they were a year ago, the month-on-month dip in pay for new jobs does suggest that companies are starting to make difficult decisions about their workforce. Candidates may well expect to take a pay cut during an economic downturn, but be prepared to have difficult conversations with applicants who may be expecting more than you can offer right now.”