Employment in UK retail and hospitality sectors has sharply declined post-October budget, with payrolls dropping by 184,700 overall. Retail jobs fell by 45,600 and hospitality by 83,800, reversing previous job growth trends. Increased employer National Insurance Contributions and a significant minimum wage rise have inflated employment costs, leading to reduced hiring. Business leaders express concern that these policies impact flexible jobs and first-time employment opportunities, particularly affecting young people. The UK unemployment rate has also risen to 4.7%, adding to economic challenges faced by these sectors.
"From young people taking their first step into the world of work to parents and carers returning to the workforce, retail offers opportunities that meet the needs of people in all corners of the country. These increases in employment costs are putting those opportunities at risk."
"The combination of higher employer NICs and the 6.7% minimum wage increase implemented in April has significantly raised the cost of employing entry-level and part-time staff-leading many businesses to reduce headcount."
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