Regardless of swap rates or oil prices, it is universally agreed by the government, the BoE and economists that we are in or headed for recession what ever way you choose to paint it.
The number of mortgage defaulters is up, the number of repossesions is up and the CAB recently said the number of calls they are receiving about mortgage arrears is up by 35%. Also, the number of migrant workers is down.
With fewer people leaving and entering the country airlines will have to reduce flights or air fairs which will mean a bit of belt tighteing required and one of the things that suffers during these periods is recruitment.
All of this is unlikely to change until there is a significant up turn in the economy.