Job Losses Rocket24 Jan 2025 15:21
“Companies are cutting jobs at the fastest pace since the global financial crisis, barring the pandemic, after Rachel Reeves announced £40bn of tax rises in the Budget, according to a closely watched survey.
Employment levels among private sector businesses fell for the fourth month in a row in January, according to the S&P Global Flash UK purchasing managers index (PMI).
Bosses said the Chancellor’s impending £25bn hike in National Insurance had prompted companies to cut back their recruitment plans.
It comes a day after Sainsbury’s announced it will slash 3,000 jobs just weeks after its chief executive warned over the impact of the Chancellor’s tax raid.
Chris Williamson, chief business economist at S&P Global, said: “The loss of confidence, combined with widespread concerns over higher staff costs associated with the Budget, pushed employment sharply lower again.
“Barring the job cutting seen during the pandemic, the rate of job losses signalled by the PMI over the past two months has been the highest since the global financial crisis in 2009.”
Nice one Rachel and Keir 🙄