We all know that Brexit means Brexit, but what’s less clear is how Britain’s departure from the EU will impact on skill shortages, specialist recruitment services and the opportunities for graduate employment. The result of June’s referendum has done little so far to slow the country’s strong jobs market, according to official data, but many questions remain over how things will change as Britain establishes its role outside the single market.
Unemployment, currently running at below 5%, is at an 11 year low, while more than 100.000 new jobs were created in the three months following the UK’s decision to leave the EU. The overall picture is far better than predicted by some economists ahead of the vote, but with Article 50 as yet ‘un-triggered’ many experts believe the real challenges will only emerge once Britain officially declares its intention to leave.
So far we’ve seen little evidence of a slowdown in employers’ willingness to hire new staff, with more vacancies posted in the 3 months following the referendum than the equivalent period leading up to it. The economy also remains in good health, buoyed by steadily rising salaries and high levels of employment.
One of the main drivers of current prosperity in the UK are the high levels of direct foreign investment (FDI) we continue to receive. Britain’s open economy and liberal political system have made us historically attractive to offshore companies and investors. Having access to the single market has long been seen as key but the challenge now is to maintain, and even grow, that appeal.
The rest of this article appears on our blog which you can read here;