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Britain’s job market in September showed signs of cooling with pay growth slowing down, according to a recent survey by the Recruitment and Employment Confederation and KPMG. The survey indicated that starting pay for permanent roles increased at the slowest pace since February 2021. Although there was a decrease in hiring, it was less severe compared to the previous month. The uncertainty surrounding Britain’s economic policies, especially with the upcoming annual budget announcement by finance minister Rachel Reeves, has contributed to the easing of pay pressures. This could potentially lead to a further cut in Interest rates at the Bank of England’s next meeting in November. The survey also highlighted a continued growth in the number of available candidates for roles, while the number of vacancies decreased for the 11th consecutive month at the fastest pace since March. The Bank of England is considering its options regarding Interest rates, with Governor Andrew Bailey suggesting a more aggressive approach if Inflation pressures persist. However, Chief Economist Huw Pill expressed a preference for a gradual approach.

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