UK companies are cutting employee numbers at the fastest rate since the pandemic, according to a closely watched survey that highlights the impact of Rachel Reeves’ tax-raising Budget.
Private sector employment in December fell by more than during any month since January 2021, according to the S&P Global flash UK purchasing managers’ employment index.
The index fell to 45.8, down from 48.9 in November. It was below the key 50 mark for the third consecutive month and the lowest since 2009 if the pandemic is excluded.
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