UK companies are undergoing significant job cuts at the fastest rate since the initial year of the Covid-19 pandemic. A recent survey from S&P revealed that firms are reassessing costs due to poor economic performance, enduring higher payroll expenses, and weak demand. This scenario has caused staffing reductions, with experts warning of a looming stagflationary environment, characterized by stagnant growth and rising inflation. The survey indicates deteriorating order books and increasing pressure on selling prices as firms face rising operational costs attributed to government policies, including national insurance hikes and minimum wage increases.
UK companies are slashing jobs at an unprecedented rate as firms grapple with escalating payroll costs and a decline in demand, raising stagflation concerns.
The latest S&P survey indicates that the job cuts are the sharpest since November 2020, exacerbated by increased national insurance contributions and stagnant business activity.
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