Bosses 'immediately reacted' to Autumn Budget with job cuts, data suggests
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Bosses appeared to ‘immediately react’ to the Chancellor’s Autumn Budget by cutting staff, data from Employment Hero’s SmartMatch Salary Report suggests. Rachel Reeves's £25billion National Insurance raid on employers has been criticised by some businesses, which will pay 1.2 per cent more per employee from April.
![[The data suggests younger full-time workers were most likely to lose their job]](https://i.dailymail.co.uk/1s/2024/12/06/10/92866735-14164909-image-a-45_1733480024021.jpg)
British firms will also have to contend with an increase in the National Minimum Wage. Full-time employment contracted by 1.2 per cent in November, according to Employment Hero’s poll of 90,000 employees, with younger workers worst affected. The HR software firm said there were 4.8 per cent fewer 18-24 year olds in full-time work last month when compared to October, in contrast to a 0.5 per cent month-on-month decline for 35-44 year olds.
It follows data from the Bank of England on Thursday that found 54 per cent of companies are likely to employ fewer staff, as well as hike prices, in response to the Autumn Budget. Full-time job losses in November - but seasonal work gives part-time numbers a lift.
The bank’s figures also revealed that 38 per cent would pay lower wages and 59 per cent would swallow some of the hit in the form of lower profits. Employment Hero’s data showed a 0.1 per cent decline across all employment types and age groups, though this was likely buffered by seasonal hiring as part-time employment ticked 0.3 per cent higher.
