Evans Chamberlain - UK Companies More Optimistic About Hiring

Evans Chamberlain Asset Management survey reveals that UK businesses were more willing to hire new employees between the months of December and February.

​According to a survey conducted by Evans Chamberlain Asset Management before the UK secured a Brexit transition agreement with the European Union, UK employers grew more confident about employing workers in the period between December and February.

Evans Chamberlain Asset Management analysts say the survey conducted between November and February revealed that 28 percent of businesses became more optimistic about recruiting staff while 19 percent of businesses were less confident than before.

Earlier this month, Brussels agreed to a transition deal with the UK. The deal, which is not yet legally binding, enables Britain to remain as a non-voting member of the European Union’s single market for 21 months after Brexit until the end of 2020.

Evans Chamberlain Asset Management analysts state that the recent announcement that European Union workers relocating to the UK during the transition period can remain there is a good step. It is important that companies have clarity on what access they will have to EU laborers after 2020 so that they can be well prepared.

While official data has suggested a healthy recovery in the UK labor market, the survey revealed that less than 20 percent of companies intend to up the number of permanent employees over the next year.

Evans Chamberlain Asset Management analysts say that there is a growing trend amongst UK businesses to rely on temporary staff, an indication that many employers are mindful of persistent political and economic uncertainty.

UK laborers’ salaries accelerated at the most rapid pace in more than 24 months in the period from November to January, increasing the likelihood that the Bank of England will hike interest rates in May.

Source: Evans Chamberlain