Editorial & Advertiser disclosure
Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Permanent Hiring in UK Drops Sharply as Iran War Spurs Economic Uncertainty
UK Jobs Market Experiences Significant Downturn Amid Geopolitical Tensions
LONDON, June 8 (Reuters) – Britain’s jobs market cooled rapidly in May after employers put the brakes on permanent hiring after the Iran war heightened cost pressures and uncertainty about the economic outlook, an industry survey showed on Monday.
Key Findings from the Report on Jobs
The monthly Report on Jobs from accountants KPMG and the Recruitment and Employment Confederation, a trade body, showed permanent job placements fell at the fastest pace since July 2025. Placements have fallen for 44 months in a row, the longest period of contraction since the survey began in 1997.
Employer Sentiment and Hiring Decisions
“Ongoing global and domestic uncertainty is making businesses more cautious, and that is increasingly reflected in hiring decisions. While some employers are turning to temporary contracts to retain flexibility, many permanent hiring plans are being delayed or put on hold,” Jon Holt, KPMG’s group chief executive, said.
Detailed Survey Results
Permanent and Temporary Staff Trends
REC and KPMG also said:
• Permanent staff placements fell to 44.1 in May, down sharply from 47.5 in April
• Firms ramped up hiring of temporary staff, with the index rising to 52.2 from 50.4, expanding at the quickest pace since April 2023, as firms opted for short-term staff due to uncertainty about the Iran war
Candidate Availability and Vacancy Rates
• The availability of candidates for permanent and temporary roles also rose faster than in April
• Vacancies dropped at the sharpest pace since February, driven by a sharper fall in vacancies for permanent roles
Survey Methodology
• The survey was based on responses from a panel of around 400 recruitment agencies between May 12 and May 22
(Reporting by Suban Abdulla; editing by David Milliken)