UK firms are pulling back on hiring: Survey
A new survey says UK companies are pulling back on hiring, with only 57% planning to recruit soon—down from 65% last autumn.
Rising employment costs, especially a £25 billion rise in employer national insurance contributions, are making businesses think twice.
Job openings have dropped sharply
Job openings have dropped sharply, especially in retail, and starting salaries are barely growing—the slowest pace in over four years.
The Bank of England has tried to help by cutting interest rates for the fifth time in a year.
Young workers toughest time finding jobs
Young workers are having the toughest time finding jobs right now, particularly in hospitality and care—fields that usually hire lots of under-21s.
Even though they're exempt from some taxes, those sectors have been hit hardest.
The CIPD is urging the government to step up support for youth jobs and training while construction and engineering roles show small signs of bouncing back.