Responding to new ONS figures, which show that London continues to have the highest regional rate of unemployment in the UK at 7.3%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“London is at the sharp end of a UK-wide slowdown in the jobs market, with young people finding it especially hard to get their foot on the careers ladder.
“High employment costs, rising prices due to the Iran war overseas, and political uncertainty at home are all weighing on hiring and investment plans among businesses.
“Amid a leadership contest in Westminster, the Government needs to urgently re-focus on growth and should be exploring all the options it has to bring down operating costs, including making good on its manifesto commitment to overhaul business rates and monitoring the impacts of last year’s hike to employer national insurance contributions.”
