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London graduates face salary and job cuts as employers freeze recruitment, warns report
Tim Ross, Education Correspondent9 Feb 2010
Graduates in London are facing a struggle for jobs as leading firms cut salaries and freeze recruitment.
The number of vacancies for graduates is projected to decline again this year by 1.6 per cent, say employers.
Average starting salaries for university-leavers in London have fallen by £625 since 2007. Fewer companies are offering graduates “golden hellos” while many have cut back on recruiting staff from school, the survey from the Association of Graduate Recruiters shows.
More than 200 leading employers suggested young people in London will continue to suffer the worst effects of the recession. The capital's share of graduate jobs fell from almost half of all UK vacancies nationwide last year to just 42 per cent this year. Typical starting salaries declined from £28,375 in 2007 to £27,750 by the end of last year.
AGR chief executive, Carl Gilleard, said: “It is going to be a tough year because demand will outstrip supply.”
