🚨 UK Job Cuts On The Rise! 🚨
Big news for the UK job market! Companies have cut jobs at the fastest rate in nearly four years, according to a recent survey. Over the past three months, employment levels have dropped by 0.5%, marking the biggest dip since September 2021. 😬
What’s driving this trend? Businesses are feeling the pinch from increased costs due to higher taxes, national minimum wage hikes, and rising national insurance contributions. Furthermore, global trade tensions are adding extra pressure on UK firms. 🌍💷
But the outlook isn’t all rosy. Many businesses remain wary about future employment prospects, projecting another 0.5% decline in jobs for the coming year, the weakest forecast in three years.
Adding to the mix, there’s speculation around potential tax increases in the upcoming budget this November, which could further affect firms’ bottom lines. 🤔📉
Stats in a Snap:
– Two-thirds of businesses report lower profits since April.
– Over a third have raised prices, and nearly half have cut employment levels as a response to cost pressures.
Keep an eye out as this situation evolves. How do you think this will affect the job market and economy at large? 💭 Drop your thoughts in the comments below! 👇
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