UK businesses plan recruitment freeze in wake of Brexit result

"Nervous" sentiment among business leaders with 5% planning redundancies and large firms such as HSBC are looking at moving staff out of the UK

Up to 20% of UK businesses have made plans for a recruitment freeze and 20% are looking at moving work abroad following the UK’s decision to leave the European Union, according to a study of business leaders.

Following the Brexit vote in last week’s EU referendum, the Institute for Directors polled 1,000 business owners and found that 33% plan to continue to hire at the same rate while a worrying 5% intend to make redundancies.

Over 60% of the business owners surveyed were of the opinion that Brexit will negatively affect their business.

The survey comes as the HSBC has announced plans to move 1,000 of its London staff to Paris over concerns it may lose access to the European single market.

Simon Walker, Institute for Directors general, commented: “Businesses will be busy working out how they are going to adapt and succeed after the referendum result. But we can’t sugar coat this, many of our members are feeling anxious.”

Find out how the UK’s business owners reacted to the EU referendum result here.

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