CBI responds to labour market statistics (November 2024)

Matthew Percival, Future of Work and Skills Director, CBI, said:

“The labour market continues to split with signs of employers’ weakening intentions to hire at the same time as a welcome fall in inactivity. These figures come against a backdrop of rising concern about spiralling employment costs which are set to increase following last month’s National Insurance Contribution (NICs) rise, the Employment Rights Bill and the latest increase in the National Living Wage.  

“Over the coming months, it will be key for the government to work with business to ensure that these costs are manageable. When margins are squeezed too far, employers lose the headroom to pursue growth and a growing number are facing difficult decisions between cutting either investment or jobs.”