What a difference a year makes. Almost a year ago, we were sent to the polls to decide whether we wanted to remain in or leave the EU. It seemed like quite a simple question, but now perhaps we’re discovering it was perhaps too simple, judging by the amount of subsequent debate. What wasn’t in doubt though, according to the vast majority of experts, was that the UK economy would fall of a cliff in the event of a leave vote. Well in short, it hasn’t happened. I think there’s certainly an argument that the Bank of England’s speedy intervention helped avert any potential downside.

What is particularly interesting from my perspective is that the mood in the City seems to have changed significantly. After years of restructuring, increased regulation, and downsizing, the industry seems to have a bit more spring in its step. Fram is a specialist boutique, and we know what we know well, but I wouldn’t be arrogant enough to think we are a barometer for the wider financial services industry. However, if our experience with clients is being replicated across the financial services industry, then the City is feeling quite confident at the moment (strong performing financial markets normally helps the mood). We’re now starting to see “investment hires”, the types of hires that will be fruitful not immediately, but will in time, or the sort of hires a firm makes when it has additional budget. We also feel candidates are more confident.

I hope I’m right. Financial services is still a key part of the UK economy and it would be nice to see some of the talented people who have unfortunately being made redundant return to the market.

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