UK Firms Cut Jobs at Fastest Pace Since 2021, BOE Survey Shows

British companies shed jobs at the fastest pace in four years over the summer, according to a Bank of England survey that suggests the fallout from Chancellor of the Exchequer Rachel Reeves’ first budget is still reverberating through the labor market.

Businesses reduced employment by 0.5% in the three months through August, the biggest fall since 2021, the poll of chief financial officers showed on Thursday. Firms expect to add just 0.2% to their headcount over the coming year, a slower pace than previously predicted.