CMA denies blocking Microsoft-Activision deal is bad for UK’s reputation; unemployment rises – as it happened
Turning a blind eye to anti-competitive deals wouldn't improve UK's reputation as good place to do business, suggests Competition and Markets Authority
Rising costs mean UK businesses are hesitating to hire workers, the Institute of Directors reports.
Kitty Ussher, chief economist at the IoD, says this has pushed up the unemployment rate:
A combination of high costs and cash-strapped consumers is now causing some businesses to hesitate before hiring, uncertain as to what the future holds. As a result, the number of employees has fallen for the first time in over two years, and the unemployment rate is starting to rise from its post-pandemic low.
But there is also evidence of a skills mismatch, with other organisations finding it hard to recruit the talent they need even as unemployment goes up - there are still 282 thousand more vacancies in the UK than before the pandemic.
Government policy needs to work harder to ensure that our education and training system is providing the types of skills that employers are looking for."
Workers have lost more than 1,000 from their pay over the last year. But there's still no end in sight for the longest wages slump in modern history.
Real wages remain below where they were in 2008, and the already 15-year pay squeeze is set to last another three years, until 2026.
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