In February, British businesses cut jobs at the highest rate since 2009, influenced by higher employment taxes and an impending rise in the National Living Wage. S&P Global’s PMI data reveals nearly one-third of businesses reported staffing reductions, attributing these cuts to policies from the October Budget. The overall private sector growth appeared to slow, while cost pressures from rising wages further exacerbated the situation. Businesses, facing significant fiscal changes and global challenges, are proactively adjusting headcount to mitigate the impact of these economic shifts.
British businesses cut jobs last month at a rate not seen outside the pandemic since 2009, as many companies looked to head off the impact of higher employment taxes.
Employment fell sharply again in February, dropping at a rate not seen since the global financial crisis if pandemic months are excluded.
One in three companies reporting lower staffing levels directly linked the reduction to policies announced in last October's Budget.
The resulting job cuts underline the challenges facing businesses in multiple sectors as they navigate both global headwinds and domestic fiscal changes.
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