Robert Walters reported a 45pc fall in fee income from operations outside London during the last quarter of 2024, indicating substantial hiring slowdowns.
The recruitment slowdown was primarily attributed to Chancellor Reeves's tax measures, specifically the £25bn hike in employers' National Insurance contributions.
Toby Fowlston highlighted that the recent Budget has dented business confidence, revealing it dropped to levels not seen since the first Covid lockdown.
Fowlston added that many employees, enjoying good salaries, are hesitant to switch jobs amidst market volatility, exacerbating the hiring crisis.
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