Responding to new ONS figures which show that London continues to have the highest regional rate of unemployment in the UK at 7.6%, Matthew Fell, Director of Competitiveness at BusinessLDN, said:
“High employment costs, slow growth and the rise of AI have all contributed to firms carefully managing headcount. Young Londoners are bearing the brunt of this hiring slowdown.
“The Government should keep a close eye on how last year’s hike to employer national insurance contributions and minimum wage increase is impacting those at the start of their careers and do what it can to help bring down operating costs, for example by looking again at upcoming changes to the business rates system.”