Sharp drop in hiring ahead as tariff threat adds to woes

FINANCE bosses expect the sharpest fall in corporate hiring since the third quarter of 2020 as geopolitical risks escalate.

- By Samuel Norman

A Deloitte report shows signs of a waning job market with wage growth expected to slow from 3.6% to 3%, while a net 14% of chief financial officers are more pessimistic on prospects than three months ago.

Confidence was bruised by the autumn Budget, and its tax increases led to firms winding down hiring or upping prices.

The changes to employers’ National Insurance contributions and the minimum wage have weighed on the books, with a net 63% of respondents expecting their operating costs to rise in the next year.