Company hiring plans in the UK have dropped to 57%, marking a historic low as businesses face rising costs, particularly following changes to national insurance contributions. This shift shows a decline from 65% in hiring intentions last autumn. The CIPD report reveals a significant fall in permanent worker appointments, attributed to weak economic confidence and increasing payroll costs. The UK’s growth outlook may deteriorate further, impacting living standards and tax revenues. 84% of businesses report an increase in employment costs due to these changes.
Rachel Reeves faces another setback with a significant decline in company hiring plans, recorded at a historic low of 57 percent for the upcoming three months.
The recent CIPD report indicates a concerning trend in recruitment, reflecting a 65 percent drop compared to the previous year, highlighting rising costs as a major factor.
Anna Leach warns that the decline in hiring plans could exacerbate the weak growth outlook for the UK, negatively impacting living standards and tax revenues.
The survey reveals that 84 percent of UK businesses have experienced rising employment costs since the national insurance contributions adjustment was implemented.
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