Reeves’ Budget Has Cost Half as Many UK Jobs as Once Thought

The UK economy has shed less than half as many jobs as earlier thought, after payroll revisions that could help temper criticism of Chancellor of the Exchequer Rachel Reeves’ tax-heavy first budget.

The economy has about 126,700 fewer employees on payrolls than in October 2024, when Reeves announced a £26 billion ($34.5 billion) increase in employer national insurance levies, according to figures published by the Office for National Statistics on Tuesday. Early estimates had put the losses at 276,000 as of May, the month after the tax hike came into effect.