ICAEW economics director comments on UK labour market data

Core Insights - The UK's employment outlook is uncertain due to declining business confidence and rising cost pressures, potentially leading to a slight increase in unemployment [1] - The number of job vacancies in the UK decreased by 9,000 (1.3%) to 717,000, marking the 39th consecutive period of decline [2] - The number of payrolled employees in the UK stood at 30.3 million in September 2025, representing a 0.3% decrease (100,000) year-on-year [2] - The decline in job vacancies indicates a sinking demand for staff amid growing uncertainty and financial pressures on firms [3] Employment Market Analysis - The UK jobs market is experiencing significant challenges, with skyrocketing employment costs and a sluggish economy leading organizations to limit headcount and restrain pay growth [3] - The continued decline in job vacancies is a concerning sign for the health of the labour market [3] Business Property Relief Concerns - ICAEW expressed disappointment over the updated reforms to business property relief (BPR) and agricultural property relief (APR), citing limited concessions to index the £1 million allowance to inflation by 2030 [4]