Group net fee income down 12 in Q3
Sees no recovery in client, candidate sentiment until 2025
Hiring weakens ahead of UK budget

Oct 15 Reuters British recruiter Robert Walters on Tuesday said both job seekers and employers in the UK paused activity ahead of the new government39;s maiden budget at the end of the month, where details on employment legislation and fiscal measures are expected.

All evidence would point to a possible increase in national insurance. So…there is a cost impact, a tax impact potentially, so there39;s still quite a bit there in terms of what employers are thinking about, CEO Toby Fowlston told Reuters.

Finance minister Rachel Reeves has declined to rule out raising the national insurance taxes that businesses pay in her first budget on Oct. 30, as the government looks for ways to fill what it says is a 22 billionpound black hole in the public finances.

Other legislation including an employment rights bill and higher minimum wages have also had an impact on the UK jobs market, Fowlston said.

Official data on Tuesday showed British pay grew at its slowest pace in more than two years in the three months to August and vacancies fell again.

Robert Walters, which specialises in hiring for the legal, accountancy and technology sectors, said it did not anticipate any signs of recovery in the hiring market until 2025, mirroring comments by peers Hays and PageGroup.

However, it expects to be profitable by the end of the year despite challenging…