Financial service businesses to ramp up pace of job losses
Britain’s financial services firms expect to step up the pace of job cuts over the coming months as gloom deepens, according to a survey.
A balance of 52 per cent of employers in the sector expect to see their workforce shrink between now and the end of September, the Confederation of British Industry (CBI) survey found.
It is the latest evidence of the jobs gloom descending across the economy – much of it blamed on Labour’s raid on employer National Insurance Contributions.
Deepening gloom: Britain’s financial services firms expect to step up the pace of job cuts over the coming months
CBI deputy chief economist Alpesh Paleja urged Chancellor Rachel Reeves to use her Mansion House speech next week to reassure financial services firms ‘that the burden of potential tax rises doesn’t fall squarely on their shoulders’.
A separate poll from accountants BDO found that the UK employment outlook was ‘stagnant’ and close to 13-year lows – denting growth hopes.
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