Defiant UK Finance Job Market Determined to Outperform 2024, According to Marks Sattin Business Confidence Report

Now in its 15^th edition, Marks Sattin’s annual report contains valuable insights from 1,800+ finance, tech, transformation and legal professionals. This comprehensive report uncovers key trends across these specialisms, providing valuable salary benchmarks and highlighting the most in-demand roles. Whether you're an employer refining your hiring strategy, or a professional planning your next career move, this report equips you with the knowledge to stay ahead in a competitive landscape.

Matthew Wilcox, Managing Director at Marks Sattin, commented on the findings: “The data paints a picture of cautious yet defiant optimism across the corporate landscape.

“While there’s optimism, it comes against a backdrop of fewer than 5% of our respondent’s expressing confidence in the UK and Ireland’s wider economic prospects,” he added. “This juxtaposition highlights the resilience and adaptability of UK firms, many of which are evidently determined to navigate their own course despite turbulent macroeconomic conditions.”

The confidence gap also suggests that businesses are insulating their operations from broader market pessimism. Economic uncertainty remains the dominant concern, with more than 40% citing it as their primary worry. This unease is fuelled by a volatile fiscal environment, driven in part by rising operational costs such as the increase in employer National Insurance contributions and a higher National Living Wage. These measures, though designed to support workers, are stretching payroll budgets and complicating strategic planning for many employers.

The rising cost of living and stubbornly high inflation are also weighing heavily, with over 30% of respondents highlighting them as key inhibitors to business assurance. These pressures are not only squeezing consumer spending but are also translating into tighter margins and increased supplier costs. Adding to the strain are elevated interest rates and borrowing costs, which continue to impact access to affordable finance, particularly for growth-focused SMEs.

On the international front, the revival of trade protectionism is sending ripples throughout the UK. The introduction of increased tariffs under US President Donald Trump is raising fresh concerns for exporters and importers alike, even with the recent deal brokered between the US and UK to slash tariffs across a number of goods. Combined with geopolitical instability and ongoing global conflict, these issues are further destabilising the outlook for internationally exposed businesses.

Hiring sentiment offers further insights into how businesses are adapting. Just 13.35% of companies are actively growing their headcount, with nearly half opting for selective hiring. This cautious approach suggests that while growth is a goal, it is being pursued with prudent resource allocation. A notable 23.65% of firms are maintaining a hiring freeze, and almost 15% are actively reducing or considering reducing headcount—an indication that businesses are battening down the hatches in anticipation of continued uncertainty.

Matthew Wilcox, Managing Director at Marks Sattin, commented: “The findings from our Business Confidence Report paint a nuanced picture. There is a genuine belief among many businesses in their ability to outperform 2024, yet that belief exists alongside very real fears about the broader economic environment.

“This suggests that while confidence in government policy and economic stewardship may be low, business leaders are focusing on what they can control: operational resilience, selective growth, and strategic hiring.”

Marks Sattin operates across nine branches in the UK, the Republic of Ireland and the Netherlands. Specialising in finance, technology, transformation and legal recruitment and executive search related roles, Marks Sattin prides itself on developing careers by connecting talented professionals with the right businesses.