Rachel Reeves signaled plans to increase national insurance contributions, a potential tax on jobs, amid concerns from businesses about the impact on the cooling labor market.
Despite a generally healthy labor market with record employment and a 4% jobless rate, recruitment has slowed, and there is significant uncertainty affecting hiring.
Job vacancies have decreased for 27 consecutive months, highlighting weakened demand for labor, and pay growth has dropped significantly from 8% a year ago to 3.8%.
While wages are still rising faster than prices, the trend of declining earnings growth poses risks to the sustainability of real income gains for workers.
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