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Thursday, July 25, 2024

Economic and Brexit uncertainty expected to put increasing pressure on UK labour market

 

Commenting on the labour market figures for November 2016, published today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

 

“While the latest figures confirm that the labour market remains a key source of strength for the UK economy, the slowing pace of job creation and the significant jump in the claimant count indicates a slight loss of momentum.

“The slowing economy and continued uncertainty over Brexit, which is dampening firm’s recruitment intentions, is likely to put increased pressure on UK employment levels over the next year.

“These subdued labour market and economic conditions are also expected to keep a lid on wage growth over the next year, despite higher than expected levels of inflation.

“The Chancellor must use next week’s Autumn Statement to support firms looking to recruit and invest in their workforce, including measures to boost investment and lower upfront business costs.”

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