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Brexit fears cause the pound to fall leading to British job seekers looking overseas.

Category: General 

The number of Britons searching for careers overseas is climbing back towards levels of which haven’t been seen since the instantaneous aftermath of the UK’s vote for Brexit, according to the UK & world’s largest job site Indeed.

The analysis of which is made from millions of searches made by UK-based job seekers has revealed that many Britons desire to work elsewhere within the EU. As the Euro has steadily increased and strengthened against the pound. This comes after the sterling plummeted to its lowest level against the Euro in the previous 5 years last Friday (7th October 2016).

Other job boards have also seen an increase in Britons searching for new careers aboard. Ireland is a yearning for British job seekers. With British job seekers searching for Irish jobs during the last 100 or so days has increased by an average of 20% and higher, than weeks before the UK’s referendum.

Similar patterns have occurred among Britons also looking for jobs in Australia. Where searches have increased by 13% following the referendum. It’s also is looking like it’s steadily increasing within Canada, Germany and the whole of the EU. However, the contrast of Britons looking into a new career in France has fallen by roughly 6%.

The graph above shows the increasing averages following the referendum. You can clearly see that it’s looking to carry on increasing in demand. We’re roughly seeing around a 7% increase in demand compared to pre-referendum levels. The British interest in European careers is also broadly mirroring the Euro’s steadily rising rate against the Pound. As on the day of the referendum (23rd June 2016), €1 was equivalent to £0.76p compared to where how its equivalent towards £0.90p.

Fundamentally this could affect companies within the United Kingdom as historically we have benefitted of the ability to recruit talent from overseas, as well as Britons seizing the opportunity to live and work in other EU countries. While it is unlikely that the door will be closed on the English Channel, free movement of workers has not only brought economic benefits but also that it's essential to British businesses, as there is always a demand for more employees.

It’s very clear from the findings that Brexit does and is allowed to interrupt the flow of candidates to the UK. Ireland and other countries will benefit if skilled workers are lured by the wanderlust of their stable economies. Which may cause significant repercussions for UK businesses and the economy.

But for now, I guess we just have to wait and see whether there are any repercussions if any.

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