Post-Brexit Job Markets: The Winners and the Losers

Brexit is an important factor to consider when deciding what career to pursue. Following is an overview of industries that are expected to do well post-Brexit along with a list of industries that are expected to see a loss of employment both now and for the foreseeable future.

The Winners

Service sectors and retailers are expected to benefit from Britain’s decisions to exit the EU. Other industries that are expected to boost employment in the coming months and years include high-end manufacturers, fisheries, and agricultural businesses.

Whether or not tourism does well over the next few years remains to be seen. While some predict that the number of tourists visiting the UK will fall over the next few years, it should be noted that hotels presently have one of the strongest hiring plans in the country for the final quarter of 2016.

The Losers

People who work in banks and other financial institutions should be nervous about their jobs. The construction industry and automotive industry also lose out in a post-Brexit economy. Additionally, public sector employment is taking a hit as hiring sentiment in this field has tumbled to its weakest level in four years.

Naturally, it is impossible to predict just what the British economy will look like once the country is no longer part of the European Union. The types of trade deals negotiated with the EU will naturally determine which industries perform well and which suffer from diminished growth and job losses. However, what can be said for certain is that companies that rely on free trade with the EU and/or require free movement of labour will be the most affected. If job security is important to you, it may be best to “play it safe” and stick with industries that deal primarily with national rather than international customers.

Posted in Reactor News.

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