Business Pressures Persist as Labour Market Cools

16 Jan 2024

Published in: British Chambers of Commerce News

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Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce responds to the latest labour market data from ONS,

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Responding to the latest labour market data from ONS, Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said: ?

“Today’s data confirms labour market conditions are continuing to cool, with wage growth and the number of vacancies falling once again. However, labour costs remain a huge pressure on businesses dealing with a challenging economic environment.

“Too many firms are still struggling to hire and retain staff. Our latest Quarterly Recruitment Outlook, showed over three quarters of firms attempting to recruit faced difficulties.

“The skills crisis continues to cast a shadow over the labour market. To help tackle the problem, we need a more flexible apprenticeship levy, access to rapid upskilling and reskilling opportunities, and a long-term commitment to Local Skills Improvement Plans across England.

“Businesses will be looking closely at the upcoming Budget for help to plug skills gaps and get more people into work.”