Demand for UK workers is falling sharply after the government's budget

Information from the Confederation of Recruitment and Employment trade group and a KPMG survey comes via Reuters:

Demand for workers in Britain fell sharply after the Labor government's first budget.
REC/KPMG labor demand index falls to 43.9 in November, lowest level since August 2020.
Permanent job placements saw their fastest decline since August 2023, while temporary hiring eased slightly.
REC criticized the Employment Rights Bill as “uncooked” and warned of its potential negative effects.

Comments from the report:

“It should come as no surprise to anyone that companies did not take the time to reassess their recruitment needs in November following a tough recruitment budget,”
“The real question now is whether businesses will return to the market as they enter next year with more certainty about the path ahead.”

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At the margin this kind of data will rush alongside Bank of England rate cuts in case the labor market takes a hit.

This article was written by Eamonn Sheridan at www.forexlive.com.