Britain Loses 276,000 Jobs Since Reeves’ Tax-Raising Budget (3)

UK employment plunged by the most in five years and wage growthslowed more than forecast, in the clearest sign yet that Chancellor of the Exchequer Rachel Reeves’ budget was fueling a deterioration in the British jobs market.

Tax data showed the number of employees on payroll tumbled 109,000 in May, the biggest decline since May 2020, the Office for National Statistics said Tuesday. The fall was much worse than the 20,000 decrease predicted by economists, with the largest contractions coming in sectors most exposed to Reeves’ policy moves, like retail and hospitality.

Signs of a dramatic loosening in ...