UK employers most pessimistic after EU exit vote says REC Report

UK employers are most pessimistic for their views of the economy after EU exit vote last year and are asking for clarity regarding the UK’s exit from the EU in March 2019. This was revealed by the report of the representative association of the recruiting firms the Recruitment & Employment Confederation. On the other hand, their confidence in investment and recruitment remained stable.

Kevin Green the Chief Executive of Recruitment & Employment Confederation said that the political ambiance remains unhelpful in this situation for UK employers. For effective planning businesses need clarity and so far none of the core issues have been resolved by the Brexit talks, added Green. Just 18 months remain for the EU exit and UK employers are concerned that no significant progress has been made in the talks.

UK Prime Minister will be delivering her Brexit speech later this week, as quoted by the Indian Express.  It is seen as an attempt to bring back the talks on track and remove policy vacuum. She will also seek to strengthen her authority after Boris Johnson the UK Foreign Minister gave his own view of the Brexit. He questioned her cautious approach and exposed the loopholes in the administration adding to the ambiguity.

Kevin Green said that he looked forward to a quick agreement regarding the status of EU citizens who are currently working in the UK. UK’s economy slowed down its growth for the first two-quarters of 2017. Increasing inflation and falling value of pound after the Brexit referendum curtailed the spending power of the households.

As of now, there are no indications from official statistics for an offset impact from increased investment or higher exports.

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