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Britain’s labour market continued to soften in the lead-up to Finance Minister Rachel Reeves’ November 26 budget, as employers held back on hiring amid uncertainty over potential tax increases. A new report from KPMG and the Recruitment and Employment Confederation (REC) revealed that permanent job placements in November declined again, though at the slowest pace since July 2024. The slight improvement from October was minimal, indicating employers remained cautious.
Temporary hiring also lost momentum, with the index slipping below the 50.0 threshold that signals stagnation. According to Lisa Fernihough, KPMG’s head of advisory, many companies paused recruitment as they assessed possible budget implications. While businesses welcomed the absence of major new tax hikes, Fernihough noted that this relief alone is unlikely to significantly shift hiring strategies in the short term.
Other business surveys conducted before Reeves’ budget echoed this trend of subdued recruitment activity. Although the budget outlined £26 billion ($35 billion) in tax increases, it largely shielded employers from direct burdens. Still, a recent Bank of England survey indicated that firms expected to cut staff numbers as economic pressures persist.
Official labour market figures showed the UK unemployment rate rising to 5.0% in the third quarter, a development some economists have linked to previously announced tax changes that took effect in April. Wage growth also eased slightly, signalling reduced labour market tightness.
Despite the overall slowdown, the REC/KPMG report highlighted a modest improvement in job vacancies, marking the least severe decline in five months. Worker availability increased at one of the fastest rates since late 2020, while starting salaries for permanent roles rose at their quickest pace in five months as employers competed for candidates with sought-after skills.
The survey, covering roughly 400 recruitment and employment consultancies, was conducted between November 12 and 24.
