UK companies cut jobs at fastest rate in nearly 4 years
The private sector cut jobs at the fastest rate for nearly 4 years in December as firms respond to new tax rules announced in the Budget.
The latest S&P Global Flash UK Purchasing Managers’ Index (PMI) found that while the headline figure for business confidence was unchanged from November, thanks to a marginal increase in business activity, other areas of the economy saw a sharp drop-off.
Manufacturing output and PMI both fell to an 11-month low, at 45.7 (from 48.3) and 47.3 (from 48) respectively, while companies reported the sharpest decline in workforce numbers since January 2021.
The fall-off in UK workers were credited to a combination of softer demand, rising employment costs, and squeezed margins for companies, as price pressures rose at the quickest rate in nine months.
https://www.cityam.com/uk-companies-cut-jobs-at-fastest-rate-in-nearly-4-years/
