Reeves’ Tax Hikes Speed Cooldown in UK Wage Growth, Survey Finds

The UK jobs market weakened across the board in July as employers cut their payroll budgets in response to Chancellor of the Exchequer Rachel Reeves’ £26 billion ($34.9 billion) tax increase, according to a survey closely monitored by the Bank of England.

Starting salaries rose at the slowest pace in over four years — restrained by an increasing number of job-seekers chasing fewer vacancies, the poll by KPMG and the Recruitment and Employment Confederation showed. Demand for permanent staff contracted the most in five months.