Gloomy Picture for Jobs and Opportunities

Reacting to the latest labour market data from the ONS published this morning, Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce said: 

“The latest data paints a gloomy picture for jobs, opportunities and growth. It reflects what businesses tell us – they are less confident about hiring staff due to sky-high employment costs and a tidal wave of new employment legislation coming down the track.   

“While there has been some easing of cost pressures – with average earnings including bonuses slowing to 4.7% in the three months to October – labour costs remain a challenge.  Nearly three quarters (72%) of businesses in our latest survey said labour costs are the biggest cost pressure they are facing.   

“There is a limit to how much additional cost firms can absorb without an impact on investment and growth. The further increase in unemployment, hitting 5.1% in October, is also a clear sign of the sluggish economy.  

“We need a laser like focus on stimulating growth and boosting investment, trade, innovation and skills. The Government must work in partnership with business to make 2026 a year of delivery.”