Economic contraction

Response to Office for Budgetary Responsibility (OBR)

Responding to the OBR report which has suggested that the economy may shrink by up to 35% by June, Samantha Hurley, Operations Director at APSCo said:

“As Rishi Sunak, the Chancellor pointed out last night in his briefing, it is important to recognise that this is neither a forecast or a firm prediction and is based on one possible scenario – i.e. a three-month lockdown followed by a three months of partial restrictions – there are obviously other scenarios that could be modeled on a shorter lockdown. The OBR also said that the Government’s action was the right action and that any contraction would be temporary followed by a fairly rapid bounce back.

We have been supportive of the Government’s actions so far but it is important that our members have access to finance as quickly as possible and we will be keeping up the pressure by continuing to survey recruitment firms on the impact of the crisis – and their ability to access the packages that the Government has put in place.  That way we can continue to feed live data into Government departments. 

The recruitment sector is a bellwether of the economy and the sooner it is putting people back into jobs the better for everyone.”

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