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Financial News: Nearly 50% Of UK Firms Plan To Cut

Nearly 50% Of UK Firms Plan To Cut Recruitment: CBI

09/18/2020 - 01:48:00 (RTTNews)

(RTTNews) - Nearly half of the UK firms plan to either reduce or not recruit at all over the coming year, according to an annual survey conducted by the Confederation of British Industry released Friday.

About 47 percent plan to maintain or increase recruitment, compared to 45 percent of respondents who expect to reduce recruitment or stop hiring altogether.

Further, a balance of +7 percent of respondents expect that their workforce will be larger in 12 months' time, compared to a balance of +28 percent in last year's survey.

With ongoing social distancing, higher costs, lower demand, local lockdowns and fears of a second wave, firms are tempering their recruitment plans, Matthew Fell, CBI chief UK policy director, said.

Businesses are focusing on bolstering their efforts to protects jobs and livelihoods, from cutting hours and reducing bonuses to restructuring, he said. But continued cost pressure, unpredictable demand and uncertainty around Brexit negotiations are making trading conditions tough.

As the Job Retention Scheme unwinds, it's crucial another lifeline is found, Fell noted.

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