UK hiring freeze imminent as Brexit hits home says IoD
Majority of business leaders think Brexit vote is bad for them according to industry lobby group
Many companies are poised to impose a hiring freeze in the UK following the country's vote to leave the European Union, according to the Institute of Directors (IoD).
Conducting a post-Brexit survey of 1,000 of its members, the IoD found that a quarter of respondents planned to put their recruitment drive on hold, with 5% planning to cut jobs.
However, nearly a third of respondents said they would keep hiring at the same pace.
Addressing the outcome of the 23 June referendum, almost two-thirds said the Brexit vote was negative for their business.
Simon Walker, director general of IoD, noted: "We can't sugar-coat the findings. Many of our members are feeling anxious. A majority of business leaders think the vote for Brexit is bad for them, and as a result plans for investment and hiring are being put on hold or scaled back."
Walker also said businesses have a clear message to those who may wish to replace David Cameron as prime minister. "During the referendum campaign we were promised an open and outward-looking country after Brexit, now it must be delivered."
© Copyright IBTimes 2024. All rights reserved.