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There's a huge sign of a looming Brexit jobs disaster

There's a huge sign of a looming Brexit jobs disaster

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Everest the Movie

Britain was just given a huge sign that there could be a disaster in the jobs market, thanks to Brexit - PageGroup, one of the UK's biggest recruitment agencies, is cutting staff in the UK.

The company announced in its $4 that it reduced its recount in the UK by 3%, from 1,516 to 1,466 at the end of June.

PageGroup, formerly known as Michael Page, blamed "tougher trading conditions" as a result of "uncertainty impacting clients' decision-making in the lead up to the EU Referendum." PageGroup's gross profit in the UK fell by 1.6% in the first 6 months of 2016 and operating profit tanked by 7.1%.

It may be a rough measure, but this is surely yet another sign that the UK's shock decision to leave the European Union is going to be hell for jobs.

Before Brexit, the UK saw $4, at over 74%, $4, and healthy annual $4.

Almost all major investment banks and economic think tanks have said that $4. Meanwhile, Bank of England's agents - emissaries who speak to businesses across the country - reported on Wednesday that: $4

PageGroup says "it is too early to say how the result will impact our results going forward," but its financial performance isn't necessarily linked to hiring.

The company highlights the fact that in 2009 "gross profit fell 37%, but despite this we still generated over £10m of Operating Profit."

In other words, belt-tightening helped its results.

The company flags "ongoing macro-economic uncertainty in the UK." And if it is uncertainty that hit hiring in the run-up to the referendum then it is unlikely to have a different effect now.

Furthermore, it looks like the uncertainty is likely to continue for years, as Britain is still yet to trigger Article 50, which starts the 2 year process of exit negotiations. Even the former Danish minister who has first-hand experience of negotiating a country's exit from the European Union has $4

Get ready for a jobs squeeze.

NOW WATCH: $4

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