Economy Loses Most Jobs Since Pandemic in Reeves Jobs Tax Blow – Guido Fawkes

Economy Loses Most Jobs Since Pandemic in Reeves Jobs Tax Blow

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New figures from the Office for National Statistics this morning show the job market is weakening:

• Unemployment reached 4.6%. Highest level since July 2021…
• May’s drop in payrolled employees was 109,000. Well beyond estimates…
• Pay growth minuses bonuses rose at slowest rate in seven months.
• April’s drop revised to almost double from 33,000 to 55,000. April saw Reeves’ tax hikes come in…
• Jobs lost since budget are now at 276,000.
• Public sector wages now rising faster than private sector wages.

Figures outpaced economists’ expectations. Despite a cooling market it is expected that the Bank of England will hold rates at its next Monetary Policy Committee meeting next week…

Miliband says this morning “whenever people lose their jobs that is regrettable… we’re making big investments.” Also hiking taxes on employment by £26 billion…

The ONS says in this release that its labour market statistic estimates are “more uncertain than usual” – complimentary PAYE figures from HMRC actually have the loss of jobs in May at a whopping 109,000. The power to tax is the power to destroy…