The UK is 'heading for a recession' | LBC Exclusive
December 7, 2024
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10:32Now PlayingThe UK is 'heading for a recession' | LBC Exclusive
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as posted by the channelOne of the UK’s biggest recruiters has warned that the UK is heading towards recession, blaming the chancellor’s National Insurance hike for a slump in the jobs market.
The chairman of recruitment giant Reed told LBC that its data showed a 13% month-on-month decrease in job listings since October, and a 26% decline in comparison with November 2023, figures which, historically, have resulted in the UK entering a recession.
James Reed argued that the UK jobs market is facing an “accelerating car crash”, and that in seeking to address the £22 billion black hole they say had been left by the previous administration, the government has created “a million black holes” in companies’ balance sheets.
Amid National Insurance hikes, and changes to the EU's product safety rules from Friday 13th December, there is concern that small businesses will not be able to afford to comply with these new changes.
Henry Riley was joined by:
- Marco Forgione- Director General at The Chartered Institute of Export & International Trade
- Sophie Cooke- Owner of small business, Imogen’s Imagination, which sells hats and makes most of its sales on online platform Etsy
- Stephen Barber - Political economist and Professor of Global Affairs at the University of East London.
Later in Henry's show, Business Secretary Jonathan Reynolds agreed that these issues are 'consequences of Brexit', saying 'we don't have a say in those rules'.
He added that 'Brexit is not just about what happens when you leave the single market, it's about how that will evolve in the future.'
Listen to the full show on Global Player
#henryriley #brexit #labour #keirstarmer #business #economy #trade #eu #uk #uknews #ukpolitics #LBC
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