Firms planning to cut recruitment and increase redundancies – report

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Our data shows it's the everyday economy sectors, such as retail and hospitality, which employ large numbers of people, that will be particularly affected by impending increases to employment costs Peter Cheese, CIPD chief executive “Employer confidence has been impacted by planned changes to employment costs, and employment indicators are heading in the wrong direction. “Our data shows it’s the everyday economy sectors, such as retail and hospitality, which employ large numbers of people, that will be particularly affected by impending increases to employment costs.” – A separate survey found that confidence among small businesses hit its lowest recorded point outside the Covid pandemic in the fourth quarter of last year. Tina McKenzie, of the FSB, said: “The fourth quarter blues reported by small firms underline how urgently the Government’s growth push is needed. “On the plus side, the Government’s plans to reduce late payment – a perennial source of financial pain and misery to small firms – cannot come soon enough.” Paul Nowak, general secretary of the TUC, said: “Many of the warnings being issued against the Employment Rights Bill are the same discredited ones that were voiced against the introduction of the minimum wage 25 years ago.