UK firms continue to shed workers

THE deterioration of Britain's employment market has intensified, according to official figures, undermining Labour's ambition to enhance job creation.

- MAURICIO ALENCAR

Companies persisted in cutting staff as payrolled employee numbers fell by 6,000 in July, contributing to an annual decline of 142,000.

Early estimates indicate a further reduction of 8,000 payrolled workers in August, while the jobless rate remained at 4.7%.

This continued drop in employment figures will serve as a stark reminder to Rachel Reeves ahead of the Autumn Budget in two months’ time, with the Treasury anticipated to need around £30bn, predominantly through taxation increases.