Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 05 10T103319Z 2 LYNXMPEJ490D2 RTROPTP 4 BRITAIN WORKERS - Business Express

UK firms cut hiring of permanent staff, recruiters’ survey shows

UK firms cut hiring of permanent staff, recruiters’ survey shows

LONDON (Reuters) – British firms reduced hiring of permanent staff via recruitment agencies at the fastest pace in more than two years, a survey showed on Wednesday, a day before the Bank of England announces its latest move to tackle inflation pressure.

The Recruitment and Employment Confederation/KPMG said temporary hiring – which often increases when employers are uncertain about the economic outlook – rose at the fastest pace in seven months.

“Firms are hedging their bets,” REC Chief Executive Neil Carberry said. “After a better month in March, in April we saw permanent hiring fall back quickly and businesses turn to temps to help them through. London had a particularly difficult month.”

The REC survey showed staff availability increased for the second month in a row in April as some companies laid off workers and people sought better-paid work to help cope with an inflation rate that remained above 10% in March.

Salaries for people starting permanent roles increased at the fastest pace in four months, something likely to be noted by the BoE as it worries about the jump in inflation turning into a long-lasting problem for Britain’s economy.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Most investors and economists expect the BoE to increase Bank Rate for the 12th meeting in a row on Thursday.


(Reporting by William Schomberg, editing by Andy Bruce)


Recent Post: