Brexit turmoil hits UK firms' hiring and investment plans - REC survey

According to the latest survey conducted by the British Recruitment and Employment Confederation (REC), the country’s firms have cut their hiring and investment plans amid growing Brexit uncertainty, Reuters reports.

Key Highlights:

“More firms were downbeat about the outlook for jobs and investment than were optimistic for the first time since the Recruitment and Employment Confederation began its surveys in June 2016, the month of the Brexit referendum.

While more employers planned to increase rather than cut permanent staff, hiring intentions weakened sharply. For temporary staff, the survey showed outright cuts were likely.

The REC survey of 600 employers took place between Dec. 11 and Feb. 21.”

REC Chief Executive Neil Carberry noted: “For months, businesses have told us that they were concerned about the general outlook for the economy. It is clear to us that this concern is now closer to home.”