"With pay growth slowing further, the data strengthen the case for the Bank of England to cut interest rates next month."
"prospect of new tax rises in the upcoming Budget poses further risks to employment, particularly if the Chancellor again looks to raise taxes on businesses"
"But this time, Rachel Reeves is more likely to target earners rather than employers."
"Taken together these figures point to a weakening labour market."
Unemployment rose to 5% in the three months to September, up from 4.8% in the three months to August, the highest since August 2016 excluding the Covid period. Pay growth is slowing, strengthening the case for the Bank of England to cut interest rates next month. The prospect of new tax rises in the upcoming Budget poses further risks to employment, particularly if the Chancellor raises taxes on businesses. Policymakers may focus more on targeting earners rather than employers. Signs of renewed weakness in the UK labour market indicate the real economy is beginning to feel Budget-related tax uncertainty. Payroll numbers are falling, with revised tax data showing declines in most of the last 12 months.
Read at London Business News | Londonlovesbusiness.com
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