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According to the latest survey conducted by the British Recruitment and Employment Confederation’s (REC), the employers’ confidence in the UK economy has eroded ahead of Brexit that is expected to have a negative impact on hiring and investments.

Key Findings (via Reuters):

“The REC gauge of confidence in the economy slid to -20 in the three months to January, the lowest reading since the survey started in mid-2016 and down from -14 in the previous report.

The survey adds to a raft of business surveys showing that businesses have put the brakes on investment plans ahead of Britain’s scheduled departure from the European Union on March 29.

REC chief executive Neil Carberry said: “With employers’ confidence levels at a low point and hiring intentions for both permanent and temporary staff dropping in today’s survey, there can no longer be any argument: uncertainty is damaging for job creation.”

The REC jobs outlook surveyed 611 companies between Nov. 1 and Jan. 25.”