Newspaper article The Evening Standard (London, England)

Brexit Has Helped the US Overtake UK, Says Recruiter

Newspaper article The Evening Standard (London, England)

Brexit Has Helped the US Overtake UK, Says Recruiter

Article excerpt

Byline: Michael Bow

THE US has leap-frogged Britain as the second biggest market for London-based recruiter Sthree due to a Brexit-related hiring slowdown.

America jumped from third spot making it responsible for 22% of SThree profit versus 19% for the UK after performance in Britain was waylaid by confusion over the future of the UK's relationship with the EU.

"There's a lot of window shopping but because businesses are unsure of the Brexit strategy they're less likely to move. No one is pressing the button," said chief executive Gary Elden.

Hiring in SThree's UK and Ireland fell by 14% to PS55.7 million for the year ending November due to last June's snap election and Brexit, while the US roared ahead growing 18% to PS64.4 million. Continental Europe, led by Germany, remains the recruiter's largest hunting ground for SThree and is worth more than half of gross profits.

As a result of the UK slowdown, SThree booked an PS88 million impairment charge from the UK division, blaming a big slowdown in its bank and permanent hiring arms. …

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