The Office for National Statistics reports an increase in the unemployment rate to 4.7% and a decline in payroll numbers, prompting concerns about rising joblessness. There is evidence that increasing costs and risks associated with hiring negatively impact job availability. Current government tax policies are predicted to destroy private sector jobs, contributing to higher unemployment rates unseen in years. The situation is exacerbated by the effects of the national insurance hike and upcoming Employment Rights Bill. Experts warn that corrective government actions are needed to mitigate these labor market downturns.
The unemployment rate has risen to 4.7 per cent, the number of people on payroll has dropped and wage growth has slowed.
There is a lot of evidence that if you make it more expensive and riskier to give someone a job, the result is that there will be less jobs and higher unemployment.
Professor Len Shackleton stated it is disturbing that the labor market data along with falling payroll employment and vacancies coupled with rising unemployment.
It is not too late for the government to recognise this and row back from some of the policies which are causing the labour market downturn.
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