THE GUARDIAN: Headcounts being reduced in response to higher taxes and uncertainty over US tariff threats, PMI survey shows
UK businesses are cutting jobs at the fastest pace since February in response to higher taxes and global uncertainty caused by Donald Trump’s tariff threats, according to a closely watched survey of the private sector.
The flash S&P Global purchasing managers’ index (PMI) for July showed a decline in fresh orders, hitting jobs and dragging down growth.
According to the report: “Survey respondents widely commented on the need to reduce headcounts in response to higher payroll costs and subdued customer demand.”
Posing a dilemma for the Bank of England as inflation remains above its target, the early snapshot of activity this month showed manufacturing growth was static while sales in the services sector weakened. » | Phillip Inman | Thursday, July 24, 2025
