Reeves Budget Blamed for Decimating Service Sector Employment – Guido Fawkes

Reeves Budget Blamed for Decimating Service Sector Employment

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Fresh off the back of UK manufacturing PMI hitting a 14-month low, it’s another grim report from S&P Global for the Treasury. The UK services sector has seen employment fall for five months straight – its longest decline since 2011, with February seeing the sharpest drop in employment in two years. A quarter of service sector businesses are cutting jobs, while one-third report higher costs…

The report points to a “clear loss of growth momentum” since the Budget warning there’s an “elevated risk of stagflation on the horizon.” Labour’s much-hated, ‘union’ Employments Rights Bill has also been blamed, with Shadow Business Secretary Andrew Griffith saying:

“Labour just don’t understand business, it’s no wonder they’ve sent confidence plummeting. With their extreme union charter, record tax rises and tidal wave of red tape it’s an all out war on business.”

Meanwhile, the Treasury is gearing up to inform the OBR of its “major measures”, including sweeping welfare cuts, on Wednesday as Reeves’ ‘fiscal headroom’ evaporates. Expect more “tough decisions” to come later on this year…