As Reeves heads to talk to European finance ministers to lobby for closer economic co-operation with the EU bloc, the fallout from October’s budget keeps going. It’s the NICs again…
KPMG and the Recruitment and Employers Confederation have published their monthly report this morning which shows the sharpest contraction in hiring since August 2020. The report’s vacancies index has fallen from from 46.1 to 43.9. Staff placements are also down. That news comes amid a slew of budget aftereffects posting over the weekend:
Not the cheeriest backdrop to Reeves’ EU pitch to “improving both our growth prospects.” A tax-raiser’s pitch to a bloc which will have 0.9% growth in 2024. Meanwhile, across the pond…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”