UK businesses cut jobs at fastest pace in four years over summer, Bank of England finds

Companies say increase in employer national insurance contributions has forced them to cut jobs and raise prices

UK businesses cut jobs at the fastest pace in four years over the summer, according to a Bank of England survey highlighting the impact from tax rises on employers.

The monthly snapshot from a survey of chief financial officers from British businesses of all sizes showed firms reduced employment by an annual rate of 0.5% in the three months to August, the biggest decline since 2021.