Job Creation Plummets Under Labour24 Feb 2025 08:41
“Britain’s jobs market suffered the worst start to a year since the depths of the Covid lockdowns in 2021, as hard-pressed employers cut hiring in the face of Rachel Reeves’s record tax increases.
Fewer than 828,500 jobs were available in January, a drop of 1.9pc compared with December and down by 4.5pc from January of last year, according to vacancies website Adzuna.
It marked the worst January for hiring since 2021, Adzuna said, during the height of the pandemic.
Despite weaker hiring, advertised salaries hit a record high of almost £40,850, raising fears that rapid pay growth risks stoking more inflation even as the economy stagnates – a phenomenon known as stagflation.
Officials at the Bank of England are particularly concerned that sustained rises in wages will contribute to pushing inflation towards 3.75pc later this year, well above its 2pc target.
Across the retail industry, hiring almost halved, Adzuna said, with the number of vacancies down more than 42pc compared with January 2024. The industry is expected to be one of the hardest hit by the Chancellor’s decision to raise the minimum wage and an increase National Insurance contributions (NICs) paid by employers on staff wages by £25bn.”
Who voted for this lot ? Not me.