Job vacancies see sharpest fall for 4 years after Rachel Reeves’ Budget tax raid on businesses
JOB vacancies have been hit by the worst collapse in four years after the Budget tax raid on businesses, a survey shows.
Bosses have shelved plans to hire after Rachel Reeves’ £25billion grab.
The poll of 400 recruitment agencies found that November saw the sharpest monthly drop in vacancies since August 2020.
There were large falls in professional and IT roles, said the damning report by accountants KPMG and the Recruitment and Employment Confederation.
REC boss Neil Carberry said: “It should be a surprise to no one that firms took the time to re-assess their hiring needs in November after a tough Budget for employers.
“The drop in vacancies was led by private sector permanent roles.”
Vacancies have now fallen for 13 months in a row, with November’s dip the biggest.
Permanent placements are falling at their fastest since 2023.
The poll also highlighted fears over Deputy PM Angela Rayner’s Employment Rights Bill — with many firms concerned about stricter temporary work rules.
A separate report, meanwhile, put business confidence at its lowest in almost two years.
Business advisory firm BDO recorded its sharpest monthly fall since 2021, as firms brace for rising costs, reduced demand and falling orders.
Shadow Business Secretary Andrew Griffith said the business confidence fall and “collapse” in job vacancies was a “body blow”.
He said: “It’s no wonder bosses aren’t hiring. First the hike in National Insurance, then the union-inspired ‘back to the 70s’ employment bill.
“Rayner and Reeves sounds like a firm of undertakers.
“And for the British economy, that’s exactly what they are.”