Britain’s job market is in freefall, hitting a 12-year low with just 707,000 openings—its weakest since pre-pandemic times. Rising labor costs, soaring energy prices, and new policies are forcing businesses to halt hiring, while pay growth for private workers barely keeps up with inflation. Public sector pay surges widen the gap, fueling worker frustration. Bankruptcies are climbing, unemployment spiked to its highest level since 2015 (excluding pandemic lows), and youth unemployment hovers at over 16%. The economy’s headwinds are slowing job creation and shrinking company payrolls—creating a deepening jobs drought.
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