World Economy

Young Workers in Britain Feel Less Safe

Young Workers in Britain Feel Less SafeYoung Workers in Britain Feel Less Safe

One in three people think the UK economy will be doing worse in 12 months time according to research from Kantar Public. The survey of 1,203 adults found that just 16% thought the economy would be better with 52% saying it will be much the same.

Among workers, fear for their job security is growing—only 13% said their job was more safe than a year ago, 45% thought it was the same and 29% of those in work thought their job was less safe. Younger workers felt particularly vulnerable with 37% of 18 to 24-year-olds saying they feel their job is less safe, ResearchLive reported.

Luke Taylor, head of social and political attitudes at Kantar Public UK said: “The most striking figure in this latest dataset is that a third of the people (33%) believe the UK economy will be doing worse in 12 months time—we’ve not recorded this level of pessimism in the economy since January 2012. It will be interesting to see if optimism returns in coming months or if this deteriorates further.”

The number of people in work in the UK fell for the first time in more than a year in the three months through October, data showed Wednesday, signaling that the labor market may be softening and adding to signs of economic weakness emerging in the aftermath of the Brexit vote.

Deteriorating economic conditions would spell trouble for the ruling Conservatives as they prepare to extricate the UK from the European Union, with formal divorce proceedings due to begin early next year. Analysts say a slowing economy could weaken the UK’s negotiating hand, galvanizing proponents of a so-called “soft” Brexit, a model which prioritizes retaining access to the EU’s single market over the government’s goal of limiting immigration.

The UK employment level in the August-October period fell by 6,000 people, or 0.1 percentage point, on the quarter, while the number of people who are no longer seeking work rose by 76,000, the largest quarterly increase in economic inactivity since mid-2014. The number of people claiming out-of-work benefits in November also rose, by 2,400, while the previous month’s figure was revised up significantly, to 13,300.

“This is the first genuine disappointment we have seen in the hard data since the Brexit vote,” said Alan Clarke, head of European fixed-income strategy at Scotiabank in London, in a note entitled “The honeymoon is over”.

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