According to the Recruitment and Employment Confederation (REC), the UK’s jobs market became unstable, suffering a freefall after Britain’s decision to leave the European Union. Business confidence and activity in the UK also deteriorated significantly after the Brexit vote. Meanwhile, the number of people placed in permanent positions decreased sharply in July. A slowdown in growth of starting salaries for candidates was also among the reasons behind the fall. In July, British businesses were focused on hiring people temporarily amid economic uncertainty in the country. "The truth is we don't know what long-term consequences the referendum result will have on UK jobs," REC Chief Executive Kevin Green said. According to him, confidence in the UK economy will recover only on the back of political stability and loosening of the monetary policy by the Bank of England.