UK firms cutting jobs at fastest rate for four years, survey finds

UK businesses cut jobs at the fastest pace in four years over the summer, according to a Bank of England survey highlighting the impact from Chancellor Rachel Reeves's tax rises on businesses.

- Richard Partington

The monthly snapshot from a survey of chief financial officers from British businesses of all sizes showed firms reduced employment by an annual rate of 0.5% in the three months to August, the biggest decline since 2021.

Firms also reported a sharp fall in employment intentions for the coming year. Expectations for jobs growth weakened by 0.3 percentage points to 0.2%.