UK businesses cut jobs at fastest pace in four years over summer, Bank of England finds

Labour has come under pressure over its economic management as Rachel Reeves prepares to hold a late November budget. Photograph: Tolga Akmen/EPA

UK businesses cut jobs at the fastest pace in four years over the summer, according to a Bank of England survey highlighting the impact from tax rises on employers.

The monthly snapshot from a survey of chief financial officers at British businesses of all sizes showed firms reduced employment by an annual rate of 0.5% in the three months to August, the fastest since 2021.