Job cuts accelerate as Reeves tax raid bites
“The flash UK PMI survey for July shows the economy struggling to expand as we move into the second half of the year,” said Chris Williamson, chief business economist at S&P Global.
“The sluggish output growth reported in July reflected headwinds of deteriorating order books, subdued business confidence and rising costs, all of which were widely linked to the ongoing impact of the policy changes announced in last autumn’s Budget and the broader destabilising effect of geopolitical uncertainty.
“Particularly worrying is the sustained impact of the Budget measures on employment. Higher staffing costs have exacerbated firms’ existing concerns over payroll numbers in the current environment of weak demand, resulting in another month of sharply reduced headcounts in July.
Really sorry to those feeling this reality. I can’t believe people still back Labour. Maybe they feel the state will provide them more in taxes taken.