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The holiday cheer has just begun to set in, but a chill just swept through the United Kingdom economy — and it’s not the winter frost. The U.K. jobs report released on Tuesday confirmed what many feared: the Labour Budget’s impact on hiring is beginning to bite, long before the policies even kick in next April.
The warning signs began flashing earlier this week when dismal employment data from the Purchasing Managers Index (PMI) signaled a contraction in private sector employment. Now, with falling vacancies, a decline in payroll jobs, and wage growth that remains stubbornly high, it’s clear the