Estate agents and oil and gas companies are laying off staff and financial firms are reluctant to hire amid the uncertain economic and political climate, the Bank’s regional agents found.
The Bank of England gathers intelligence on the ground around the UK and have stated that “headcount reductions were planned in some sectors”.
Data from the Office for National Statistics also suggests that hiring is cooling off. John Hawksworth of PwC said there was an increasingly mixed picture in the labour market after years of strong growth.
Britain’s low unemployment rate was cited as a crucial consideration for the Monetary Policy Committee at the Bank in its decision to raise interest rates on Nov 2, as they believed a tighter labour market would help to boost wages. The Office of Budget Responsibility said last week that earnings will however not return to pre-crisis levels by 2022.
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