The City of London is the only specialist market showing signs of stability, however, it is unlikely to improve further, according to the finance director of Hays.

Speaking after Hays’ fourth quarter trading update released today, Paul Venables says: “The only stability in the UK is in the City of London over the last three months, where there has been a bit more hiring, and where a few teams are being hired.”

“There has been a hiring freeze, and you can only have a freeze for so long,” he added.

However, Venables said this had to be put in the context that hiring was “significantly down” on recent years. 

When asked whether the market would “kick on from here”, Venables replied: “No. I think it means that those institutions that are in a strong financial position are looking to strengthen their teams, so that when the upturn comes, they can attack it.”

Venables said that although finance and accountancy, the usual driver of a lot of jobs, were “a bit better” than three to six months ago, it was too early to say they had reached a point of stabilisation. 

Venables’ comments on recruitment in the City of London reiterate those made by Steve Ingham chief executive of  Michael Page on Tuesday.