Fears over significant interest-rate hikes push half of UK professionals back into the job market

With UK homeowners warned by the bank of England to expect “significant” increase in interest rates, in response to Kwasi Kwarteng’s tax-cutting mini-budget last week and the Prime Minister insisting the plans are ‘right’, half of the country’s professionals are so concerned they’re intending to look for a new job as a direct result.  

According to the latest survey by the UK’s leading independent job board, CV-Library, 49.6% will now actively look for a new role with a higher salary. Only 13.8% say that rising interest rates have no bearing on their decision to look for a new job and that they aren’t looking to make any changes. 28% report that they are already looking for a new job anyway and 8.6% say the news makes them want to sit tight and stay where they are. 

An overwhelming three quarters (75.2%) of the 2,300 UK professionals questioned feel that the reversal of the 1.25% National Insurance increase in November is not a big enough step to make a difference to their income versus the cost-of-living increases they’re facing. 

In other revelations, 59% feel that a weak pound will have an adverse effect upon the business they work for and a further 68% worry about their job security as a result. 

Lee Biggins, Founder and CEO of CV-Library said,

“UK professionals are taking a clear stand and while they cannot control the Government’s decision or the economic crisis, they’re clearly feeling fearful and are prepared to take their own actions to protect their finances.” 

Biggins continues: “An increased number of candidates in the current job market is undoubtedly a good thing for recruiters who’ve struggled to hire since the pandemic, and for the economy, but it’s not a solution to the overall crisis. Time is of the essence and the Government needs to take immediate action to address spiralling inflation and calm both the alarming spike in interest rates and the British public.”