#employment-decline

#employment-decline

The resulting confusion froze investment and hiring plans. Several business surveys have shown sharp recruitment pullbacks since her first budget in October 2024, when she introduced a £25bn payroll tax as part of £40bn in wider hikes. In contrast, last week's budget focused mainly on raising taxes on consumers, including extending the freeze on income-tax thresholds - a move that will ultimately push one in four workers into the 40% bracket.

The UK's post-summer economic rebound has been short-lived, according to the latest Business Trends report from business advisory and accountancy firm BDO LLP. BDO's Output Index declined to 98.53 in September, down from 101.21 in the previous month and falling below the 100-point threshold which represents long-term average growth levels over the past 15 years. After exceeding 100-points in August for the first time in over three years, September's decline signals that UK business momentum has once again stalled.

In June, the Bay Area experienced a net loss of 6,800 jobs, contributing to continued employment declines over the last two months in the region.