UK Firms Cut Jobs at Fastest Pace in Five Years, Wages Cool

UK firms cut jobs at the fastest pace since 2020 and wage growth eased to its lowest in 3 1/2 years, more signs of a weakening jobs market as the Bank of England considers how much further it can cut interest rates.

Tax data showed the number of employees on payrolls falling 43,000 in December, the month after Chancellor of the Exchequer Rachel Reeves’ tax-raising budget, the Office for National Statistics said Tuesday.