British employers cut hiring sharply in April, with payroll data showing a drop of 100,000 from March. This is the largest fall since May 2020 during the COVID-19 pandemic.
Vacancies also fell to 705,000 in the three months to April, the lowest since February 2021. Wage growth excluding bonuses stood at 3.4% in the first quarter.
The Bank of England is closely monitoring wage growth amid inflation concerns exacerbated by the Iran war. However, policymakers expect wage growth to slow further.
