In May the Confederation for British Industry released a study that said 9 out of 10 UK business owners took time to communicate with their employees about the effects of the recession and that 56 per cent of employees adapted their work practices to respond to changes in the company.

This combination of openness and flexibility resulted in fewer redundancies than expected. Employers offered employees the opportunity to take a pay freeze or different hours instead of simply making them unemployed. John Cridland, deputy director general of the CBI, said: “Employers have come out the other side of the recession, having managed to keep many more people in jobs than had been expected.”

The report also pointed towards a hopeful market for recent graduates as 28 per cent of businesses surveyed said they would be recruiting recent graduates in the coming year. A year ago the CBI survey stated the 38 per cent of employers were freezing recruitment, this only 6 per cent said they were. This survey combined with another released by the CBI that said employers were concerned about finding graduates with skills in science, technology, engineering and mathematics point to an economy headed towards recovery.