10 November 2022 | Other

UK employers cut hiring driven by political turmoil

A survey showed that British employers reduced hiring of permanent staff through recruiting companies. This is due to the country's political uncertainty, strengthening market fears about economic recession. 

Job vacancies in the UK have fallen for the first time since February 2021, the Confederation for Employment and Labor (REC) said on Thursday. These measures were introduced following the Bank of England's warning about the most protracted recession in the last century. 

The above-mentioned process affected temporary workers being hired less than expected. Concurrently, there has been the lowest wage growth for new full-time workers over the past year and a half. 

The changes came in the context of political chaos in the UK. Former Prime Minister Liz Truss’ government announced a series of tax breaks not funded by the U.K. authorities. That sparked a sell-off in the bond market and triggered Truss' resignation last month. 

Company MarketCheese
Period: 01.05.2025 Expectation: 1000 pips
GBPUSD to test level of 1.34 again
Yesterday at 10:58 AM 43
Brent sell
Period: 01.05.2025 Expectation: 660 pips
Trade uncertainty and excess OPEC+ supply are dragging down Brent
Yesterday at 08:49 AM 35
Period: 29.04.2025 Expectation: 600 pips
USDCAD to head towards 1.39400 after rebounding from 1.38200
Yesterday at 07:48 AM 28
Period: 02.05.2025 Expectation: 1669 pips
AUDCAD gains on potential easing of trade tensions between US and China
Yesterday at 07:02 AM 26
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
24 April 2025 74
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
24 April 2025 42
Go to forecasts