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UK Faces Largest Job Cuts Since 2009 Amid Economic Struggles

2/22/2025

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Summary

Story summary

UK companies are experiencing the highest job cuts since 2009 due to rising payroll costs and low demand.
The S&P Global PMI indicates a slight drop in private sector activity, recording 50.5 in February.
A third of firms attribute job losses to October's Budget policies, notably a £25bn National Insurance increase.
Public sector borrowing hit £118.2bn, surpassing expectations and raising concerns about potential tax hikes in the next Budget.

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Story summary

UK companies are experiencing the highest job cuts since 2009 due to rising payroll costs and low demand.
The S&P Global PMI indicates a slight drop in private sector activity, recording 50.5 in February.
A third of firms attribute job losses to October's Budget policies, notably a £25bn National Insurance increase.
Public sector borrowing hit £118.2bn, surpassing expectations and raising concerns about potential tax hikes in the next Budget.