RE: UK Economic Outlook21 Jan 2025 17:18
“The number of people in jobs slumped in December amid fears over Rachel Reeves’s record tax-raising Budget, according to official tax data.
Payrolled employment dropped by 47,000 last month to 30.3m, the steepest fall since the pandemic.
The decline - which tracks the number of workers in the Pay As You Earn income tax system - follows a drop of more than 32,000 in November.
It raises fears that the Chancellor’s £25bn National Insurance raid on employers in October has undermined businesses’ willingness to take on more workers.
There were 740,000 job vacancies available in December, according to the Office for National Statistics, down from 858,000 in October, on the eve of the Budget.
The unemployment rate edged up to 4.4pc in the three months to November.”
And Labour want to reduce the welfare bill ? Funny way of going about it 🤔