Staff cuts rate fastest since the pandemic

BRITISH firms slashed jobs at the swiftest pace since the pandemic during the lead-up to Rachel Reeves’ Autumn Budget.

- MAURICIO ALENCAR

A closely-monitored survey from the Bank of England, which questions finance directors about their staffing levels, revealed that private sector employment dropped by 1.8% in November - the sharpest monthly fall since July 2021.

The financial chiefs also indicated they anticipate reducing workforce numbers by around 0.7% on average throughout the coming year, representing the most substantial decline since October 2020.

This followed months of continuous briefing exchanges, which resulted in market turmoil and left enterprises unsettled and plagued with uncertainty.