Businesses cut jobs at fastest pace since 2021

UK businesses cut jobs at the fastest pace for almost four years in August amid pressure from higher taxes and labour costs, figures show.

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The Bank of England’s regulator survey of company finance chiefs shows UK firms cut employment by 0.5% over the three months to August.

It represents the biggest drop in employment levels since September 2021.

Companies are also increasingly pessimistic about future employment amid concerns over the wider economic outlook.