Britain’s Labor Market in Trouble Over Ongoing Brexit Uncertainties?

Just a little more than half of UK workers are confident about their job security over the next six months. 35% of the survey's respondents

Arslan Butt•Friday, October 25, 2019•1 min read

According to the latest survey by Monster.co.uk, just a little more than half of UK workers are confident about their job security over the next six months. Meanwhile, more than a third indicated no confidence in their current roles being secure and about future employment opportunities.

UK’s robust labor market is showing signs of weakness over prolonged Brexit uncertainties, which are not set to diminish anytime soon. The most recent data from ONS reveals a 1.4% decline in job vacancies since 2018 for this time of the year.

35% of the survey’s respondents attributed their low confidence in job security to the high levels of volatility in the political situation in the UK. According to them, this political uncertainty has an adverse impact on their levels of job confidence.

Monster’s survey also indicates that extended uncertainty surrounding Brexit and the lack of clarity about another round of general elections soon could result in job confidence sliding lower in the coming months. According to Managing Director at Monster.co.uk, Derek Jenkins, “Ongoing political and economic uncertainty means workers across the country are, understandably, concerned about keeping their jobs and what the future holds for them.”

The retail sector in one such industry where the negative impact of the ongoing uncertainties can be seen clearly. According to data from the BRC, British retailers have cut down 85k jobs over the past year to counter weakening consumer demand, increasing preference for online shopping and Brexit uncertainties.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.