UK businesses are slowing hiring and salary growth due to economic uncertainties and recent tax changes.

The KPMG/REC report for January 2025 shows UK businesses are hesitant to hire new staff due to economic uncertainties, leading to a decline in job openings and slower salary growth. This marks the longest period of reduced hiring in nearly two years, with the sharpest drop in vacancies since 2020. The decline is partly blamed on recent tax changes and economic policies under the Labour government, which have lowered business confidence and are expected to hinder growth.

5 weeks ago
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