Home Business News The UK is ‘heading for a recession’ as job vacancies decline

The UK is ‘heading for a recession’ as job vacancies decline

by LLB Reporter
16th Jul 19 3:58 pm

Hays the recruitment experts has said they have had no growth in fees for the past three months due to a slump in hiring in the UK weighing down on their performance.

This decline comes amid warning from economists and industry peers that there are “worrying storms clouds” circling the UK jobs sector.

Hiring fees dropped by 2% in the quarter to 30 June on the back of a 6% fall in fees from the private sector, Hays said.

Alistair Cox, chief executive of Hays said, “Looking ahead, we are mindful of economic and political uncertainties and will continue to focus on driving consultant productivity, while making selective investments in our key markets to reinforce our market leadership.

“Our strong financial position means we have an excellent platform to balance short-term performance with our long-term strategic goals, allowing us to invest to capitalise on numerous opportunities in the changing world of work.

The founder of rival recruiter Reed has given a stark warning that the UK is “heading for a recession” as job vacancies have declined.

James Reed, chairman of Reed, said “Worrying storm clouds are forming around the UK’s job market.

“The largest fall in jobs since 2010 on the Reed website is a clear sign that the canary has fallen off its perch and that we are heading for a recession.

“The next prime minister will come to captain an economy with fewer job opportunities amid a national economic slowdown.”

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