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It’s been a turbulent week for the United Kingdom. Puzzling financial policy and political drama latched onto an ongoing energy crisis and a tight labour market, triggering volatility not seen in at least 20 years.
Frighteningly Tight Labour Market:
Demand for labour is way up in the U.K. – but job seekers are missing. The post-pandemic jobs recovery faltered as labour supply slipped steadily in 2022. The employment rate has dropped to just 75.4% – way down from pre-pandemic levels and even from earlier this year.
The labour market is very tight: job vacancies outpace the
