Recruitment activity fell after Mini-budget announcement

(2 minutes to read)

APSCo: ‘While there were steps that we welcomed such as the repeal of IR35 regulation, it’s clear from this latest data that the announcement impacted the recruitment market, with hiring activity dropping in the week that followed the Chancellor’s statement’.

Latest findings suggest that the Mini-budget negatively impacted economic confidence, as hiring fell in the week after the announcement.

The report, from the Association of Professional Staffing Companies (APSCo) using data provided by Bullhorn, revealed that a week after the Mini-budget the number of permanent jobs advertised dropped -9% when compared to the week before. Contract jobs also fell -9%.

Ann Swain, CEO of APSCo, commented on the findings, “The Chancellor’s Mini Budget certainly had an impact on the economy.

“While there were steps that we welcomed such as the repeal of IR35 regulation, it’s clear from this latest data that the announcement impacted the recruitment market, with hiring activity dropping in the week that followed the Chancellor’s statement.”

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Ann added, “September was a month like no other for the UK, with the death of the Queen and a new Prime Minister all hitting the economy in short succession.

“We certainly hope that the recruitment market will pick up again in October, but with uncertainty still on the cards and skills shortages remaining a struggle for UK businesses, the final quarter of 2022 may not end on the highs we saw at the beginning of the year.”

To find out more about contracting please contact Sophie on 01206 591 000 or email sophie.lewis@contractoumbrella.com.

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