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.