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Saturday, December 3, 2022

Half of UK’s professionals to look for new job as result of mini-budget – survey

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Half of Britain’s professionals are planning to look for a new job due to fears of rocketing mortgage bills sparked by the UK chancellor’s mini-Budget last week, according to new research.

A survey of 2,300 workers by jobs site CV-Library found 49.6 per cent will now actively look for a new role with a higher salary following days of economic turmoil.

Some 28 per cent reported they were already looking for a new job, but 8.6 per cent said the British government’s plans made them want to sit tight and stay where they are.

A significant 59 per cent felt a weak pound would adversely affect their employer and a further 68 per cent were worried about their job security as a result.

Only 13.8 per cent said rising interest rates had no bearing on their decision to look for a new job, and they will make no changes.

An overwhelming three quarters of those surveyed felt the reversal of the 1.25 per cent National Insurance increase in November is not a big enough step to make a difference to their income versus their current rising living costs.

Lee Biggins, chief executive of CV-Library, said: “UK professionals are taking a clear stand and while they cannot control the Government’s decision or the economic crisis, they’re clearly feeling fearful and are prepared to take their own actions to protect their finances.

“An increased number of candidates in the current job market is undoubtedly a good thing for recruiters who’ve struggled to hire since the pandemic, and for the economy, but it’s not a solution to the overall crisis.

“Time is of the essence and the Government needs to take immediate action to address spiralling inflation and calm both the alarming spike in interest rates and the British public.”

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