Factory jobs hit hard by Labour Budget tax rise

MANUFACTURING jobs were shed at their fastest rate since 2020 as factories faced rising taxes and inflation.

-  Alex Daniel

Output also hit a 14-month low amid fears of trade tariffs, a key economic indicator showed.

The S&P Global UK manufacturing PMI survey was 46.9 in February, down from 48.3 in January.

Any reading above 50 indicates activity is growing. A score below means it is contracting. It has been under 50 for five consecutive months.

Costs

Bosses say October Budget rises in employer taxes are behind increasing costs, especially to factories.