The latest data from the Bank of England reveals that firms are cutting jobs at the fastest rate since 2021. According to the Decision Maker Panel survey, which gathers input from CFOs of 2,000 companies, employment levels have dropped by 0.5% compared to the previous year. This decline is the most significant since the autumn of 2021, as companies struggle with increased national insurance contributions, minimum wage levels, and business rates. The survey also indicates that hiring intentions remain bleak, with companies planning to reduce employment levels by 0.5% in the next year, the lowest outlook since October 2020. Additionally, participants in the survey are looking to raise their prices by 3.8% over the next 12 months. Companies have been reducing their workforce at the quickest rate since 2021, according to data from the Bank of England.

A recent survey by the Bank of England has revealed that businesses are cutting jobs at the fastest rate in nearly four years. The survey, conducted among chief financial officers of 2,000 companies, showed a 0.5% decrease in employment levels over the past three months compared to the same period last year.

This decline is the most significant since the autumn of 2021, as companies struggled with increased national insurance contributions, minimum wage levels, and business rates following budget measures in the spring. The survey also cited the negative impact of Donald Trump’s trade war on exporters to the United States.

The outlook for employment remains bleak, with companies expected to reduce employment levels by 0.5% over the next year, marking the weakest projection since October 2020. Additionally, participants in the survey indicated plans to raise their prices by 3.8% over the next 12 months.

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