Job vacancies collapse as Budget tax raid puts firms off hiring, survey shows
The number of job vacancies in the UK fell at its fastest pace in over four years last month as firms held off hiring due to the government’s Budget tax hikes, a new survey suggests.
The latest report on jobs from KPMG and the Recruitment and Employment Confederation (REC) showed an “accelerated decline” in the number of people placed in permanent roles by recruiters.
The survey also showed that the number of job openings fell at the sharpest pace since August 2020 as demand for staff dried up following the Budget.
In October’s Budget Chancellor Rachel Reeves increased employers’ national insurance by 1.2 per cent, while cutting the threshold at which employers have to start paying the levy. She also announced that the minimum wage would increase by 6.7 per cent.
Job vacancies collapse as Budget tax raid puts firms off hiring, survey shows