Budget anxiety saw sharp drop in private sector jobs

BUSINESSES cut jobs at the fastest rate since the pandemic in the run-up to Rachel Reeves’s autumn Budget.

- By Mauricio Alencar

Closing-down sales will bring even more price cuts at Poundland

A key survey from the Bank of England, which quizzes finance directors on staffing levels, showed employment in the private sector fell by 1.8% in November, the steepest decline since July 2021.

The finance bosses also said they expect to cut staffing by around 0.7% on average over the next year, marking the most significant decline since October 2020.