Data shows little sign that tax increase on employers is leading to mass layoffs | Heather Stewart

No dramatic shakeout so far, but jobs data may yet look like a snapshot of the calm before the storm of Trump's tariffs

• Number of payrolled workers in UK fell by 78,000 ahead of budget tax rise

The UK jobs market continues to cool but Rachel Reeves will be relieved that there is little sign as yet in the latest data that her tax increase on employers is leading to mass job losses.

Targeting employer national insurance contributions (NICs) to raise an extra 25bn in October's budget sparked a furious business backlash and dire warnings about the impact for workers.