UK job vacancies drop as employment costs grow
Job vacancies fell to the lowest level in nearly four years, according to official figures, suggesting demand for workers is weakening as employment costs grow.
The number of jobs on offer dropped to 781,000 in the first three months of the year, the Office for National Statistics (ONS), while people on payrolls also declined.
Average UK pay continued to rise - up 5.9% - but increases in employer National Insurance Contributions as well as National Minimum Wage hikes which came into force this month are forecast to weigh on salaries.
Yael Selfin, chief economist at KPMG UK, said: "The short-term impact of the rise in labour costs which came into effect in April, will likely put downward pressure on pay over the coming months."
The ONS said the UK unemployment rate remained at 4.4%, roughly the same as the previous three months.
The employment rate for people aged 16 to 64 years was 75.1%, still below Labour's target of 80% employment.
The ONS said its jobs figures should be treated with caution because of low response rates to its employment survey, on which the figures are based.
Wage growth is slightly ahead of the previous period and was lifted by the public sector, according to Liz McKeown, director of economic statistics at the Office for National Statistics which published the figures.
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FTSE 100 closes at record high as Trump's tariffs shake faith in US
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13 hours ago
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What to watch next week: Inflation, Bank of England interest rates, Accenture, Berkeley and Whitbread
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15 hours ago
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Fraud is evolving, and so must we
With fraud now the most prevalent crime in the UK, and attempts continuing to increase, as reported by the Office of National Statistics (ONS) with a 19% surge over the last year, the urgency for immediate action is apparent. Yet, despite UK Finance recording 3.31 million instances of fraud in 2024, the UK remains a global leader in reducing fraud losses. The industry prevented £1.14bn of unauthorised fraud last year, equivalent to stopping 67p for every £1 a fraudster tried to steal, and reimbursed customers for 98% of all unauthorised fraud. There is no time for complacency, however. Criminals are always among the first to embrace new technologies, ceaselessly innovating, and evolving their tactics. The industry must act now, collaborating on preventive strategies to protect consumers proactively. Success in preventing Authorised Push Payment (APP) fraud – with case volumes dropping in 2024 to their lowest level since 2021 – has led fraudsters to seek fertile new grounds for attack. Remote purchase fraud, for example, has surged, while pressure for the Single European Payment Area to adopt real-time cross-border payments presents a significant opportunity for criminals to abuse. The UK's success in mitigating fraud and reimbursing customers is no reason to stop adapting. Fraud is often just as emotionally damaging as it is financially draining, with a Lloyds Banking Group survey last year finding more than two-thirds of fraud victims suffered negative psychological impacts from the experience. To protect victims from trauma and prevent fraudsters from realising any profits, continuous adaptation and early intervention, not just reimbursement, is needed. Behavioural and device intelligence – including keystroke and mouse activity, touch screen behaviour, and physical device attributes – empowers banks to recognise and stop fraud in real-time, before any money leaves a would-be-victim's account. Banks cannot do this alone, however. They are often the last line of defence. Fraud typically begins upstream, with phishing, fake ads, and scam calls occurring on social media and other online channels. Other sectors need to bear some responsibility for the origins of these attacks and adopt the same commitment to fraud prevention as their financial services counterparts. Regulators must also hold those other sectors accountable. The Online Safety Act, while a step in the right direction, has fallen short of enforcing responsibility among tech giants. The government's future strategy must provide direction and incentives to ensure collaboration between the tech, telecoms and banking sectors. International examples provide a blueprint. In Australia, for example, banks are now working together as part of the world's first behaviour-based financial crime intelligence-sharing network, discussing fraud prevention strategies, new intelligence, and potential risks. With well-designed regulations and the motivation to collaborate across sectors, we as a society can better innovate and devote more resources to the fight against fraud. Public awareness also plays a crucial role. Australian banks, through their financial crime intelligence network, are supporting customers in actively identifying risks, and the National Australia Bank (NAB) alone has reportedly stopped around $50m of payments by customers within just two months. This outcome highlights the importance of public awareness in preventing fraud and encourages more proactive customer behaviour. While public awareness is crucial, it's equally important to strike a balance in educating people about the risks of fraud without discouraging them from using digital services. Reduced reliance on technology can lead to lower efficiency and productivity, as well as higher costs, ultimately harming innovation, investment, and economic growth. Getting this balance right is essential. Even with collective action, we cannot eliminate fraud, but we can disrupt, deter, and make it unprofitable for criminals. By fostering collaboration across the financial services sector, technology, telecoms, government, and society, we can transition from a reactive to a proactive approach, creating friction for fraudsters while reducing friction for consumers. Jonathan Frost is Director of Global Advisory for EMEA at BioCatch "Fraud is evolving, and so must we" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
