More than three-quarters (78%) of jobseekers do not think private sector job creation will offset public sector job losses, according to a survey from senior executive career site TheLadders.co.uk.

The research shows just 22% are more confident on landing a new job following the Budget.

The research also shows 61% would take a salary cut to get a new position at the current time, while 63% would take a step backwards in their career or job title to get a new job and almost half (49%) are prepared to seek work abroad because of the economy in the UK.

Derek Pilcher, managing director of TheLadders.co.uk, says: “Although this survey shows that today’s jobseeker is generally somewhat pessimistic, it is equally important to realise that there remains good news as well as bad, within the current UK jobs market.

“The latest Report on Jobs from the Recruitment & Employment Confederation (REC) and KPMG showed that average starting salaries reached an eight-month high. It appears that employers in the private sector are waking up and competing harder for candidates, especially in the IT, engineering and finance spheres.”