Reeves’ Tax Hike Tightens Grip on UK Jobs Market, REC Poll Finds
The UK jobs market experienced a broad-based weakening in July, as employers reduced their payroll budgets in response to Chancellor Rachel Reeves' £26 billion ($34.9 billion) tax increase, according to a survey closely followed by the Bank of England. The survey, conducted by the Recruitment and Employment Confederation (REC), found that the demand for permanent and temporary staff declined across various sectors. Employers cited the tax hike as a key factor behind their decision to tighten their hiring budgets. The findings suggest that the tax increase has had a significant impact on the UK's labor market, potentially leading to reduced employment opportunities and economic activity. The survey results are closely monitored by the Bank of England as it considers its monetary policy decisions.
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