Graduate roles plummet as Reeves's job tax bites
Graduate job openings have plummeted by more than 20pc as Rachel Reeves's tax raid prompts businesses to cut back hiring for entry level positions.
New figures from recruitment platform Adzuna show graduate job listings have plunged 22.8 pc in the year to April.
Companies have slashed recruitment in an attempt to make savings following the Chancellor's autumn Budget, which increased employment costs from last month. The rate of employers' National Insurance increased, while the threshold at which it is paid was lowered.
Graduates are bearing the brunt of Ms Reeves's tax raid. On a monthly basis, vacancies for graduate roles fell by 7.6pc in April, following a 17.3pc drop in March.
The sharp decline in entry-level jobs comes amid growing questions over the value of university degrees, particularly as graduate schemes now offer salaries only in line with the minimum wage.
The National Living Wage climbed 6.7pc to £12.21 per hour in April, meaning a full-time worker on the UK's lowest salary now earns the equivalent of £25,500 annually.
Growth in the minimum wage has outpaced average pay across the economy and one in four jobs advertised to graduates on jobs platform Indeed now pays minimum wage or only scarcely higher.
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