"It reflects what businesses tell us they are less confident about hiring staff due to sky-high employment costs and a tidal wave of new employment legislation coming down the track. While there has been some easing of cost pressures - with average earnings including bonuses slowing to 4.7 per cent in the three months to October - labour costs remain a challenge."
"Nearly three quarters (72 per cent) of businesses in our latest survey said labour costs are the biggest cost pressure they are facing. There is a limit to how much additional cost firms can absorb without an impact on investment and growth. The further increase in unemployment, hitting 5.1 per cent in October, is also a clear sign of the sluggish economy. We need a laser like focus on stimulating growth and boosting investment, trade, innovation and skills."
"This week, the Bank of England needs to support the economy with a further interest rate cut making it easier for firms to invest and households to spend. And with the effects of the recent economic slowdown continuing to feed into the labour market, it is vital that those who are out of work get the help they need."
Latest data paints a gloomy picture for jobs, opportunities and growth. Businesses are less confident about hiring staff because of sky-high employment costs and a tidal wave of new employment legislation. Average earnings including bonuses slowed to 4.7 per cent in the three months to October, but labour costs remain a major challenge. Nearly 72 per cent of businesses say labour costs are the biggest cost pressure. There is a limit to how much additional cost firms can absorb without affecting investment and growth. Unemployment rose to 5.1 per cent in October, calling for policies to stimulate demand, investment, trade, innovation and skills, and to support those out of work.
Read at www.independent.co.uk
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