Services job cuts rise as stagflation takes ‘a firmer hold’ of sector

The services industry is the UK’s biggest sector (Anthony Devlin/PA) - (PA Wire)

Service sector firms cut jobs at the fastest rate for four years last month, as concerns over subdued consumer sentiment worsened.

While the sector grew slightly in January, the rate of growth fell slightly compared with last month, according to a closely watched survey of firms, while costs also rose ahead of increased taxes and minimum wage requirements coming in this April.