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Evening Standard

Business

Jonathan Prynn

Business hiring at its weakest since the pandemic following Budget tax raid on employers

Budget Pandemic KPMG Stuart Machin BDO NIC

Recruitment has slowed sharply over recent months(Alamy/PA) -

The impact of Rachel Reeves’s Budget tax raid on businesses was revealed today by two surveys showing a sharp slowdown in recruitment ahead of higher national insurance contribution rates kicking in for employers.

Data from accountancy firm BDO showed private sector recruitment slumped to its lowest since November 2012. Meanwhile separate findings from researchers at the Recruitment and Employment Confederation (REC) and another professional services firm KPMG showed the smallest number of vacancies since August 2020 in the middle of the pandemic.

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