Latest news with #LizMcKeown
Yahoo
17-07-2025
- Automotive
- Yahoo
Jaguar Land Rover to axe 500 management jobs
Jaguar Land Rover is to axe up to 500 management jobs in the UK through a voluntary redundancy programme. The automotive giant said that around 1.5 per cent of its UK workforce would be impacted by the job cuts. A spokesperson for the Tata-owned firm said: 'As part of normal business practice, we regularly offer eligible employees the opportunity to leave JLR through limited voluntary redundancy programmes.' It comes after JLR revealed last week that retail sales plunged 15.1 per cent in the three months to June after a temporary pause in exports to the US and the planned wind-down of older Jaguar models. The company said the significant fall in sales was partly driven by the pause in shipments to the US in April after US President Donald Trump's administration introduced new tariff plans. A spokesperson for Jaguar Land Rover added: 'JLR regularly offers eligible employees voluntary redundancy programmes. 'Through this limited UK VR programme for managers, JLR is aligning its leadership workforce for the business's current and future needs. 'We are grateful to the government for delivering at speed the new UK-US trade deal, which gives us the confidence to invest £3.5bn per annum to realise our strategy which is delivering.' Jaguar Land Rover cuts jobs as unemployment spikes to four-year high The news comes on the same morning as new figures revealed that Britain's jobless rate has reached its highest level for four years, as workers also faced another slowdown in wage growth The Office for National Statistics (ONS) said the rate of UK unemployment increased to 4.7 per cent in the three months to May, from 4.6 per cent in the three months to April. It said this marked the highest level since June 2021. Meanwhile, average earnings growth, excluding bonuses, slowed to 5 per cent in the period to May to its lowest level for almost three years. The figures point towards further pressure in the UK labour market, days after the governor of the Bank of England warned that the Bank is prepared to make larger interest rate cuts if it sees that the job market slowing. It also comes amid a backdrop of recent weakness in the economy, with UK GDP (gross domestic product) shrinking in both April and May. ONS director of economic statistics Liz McKeown said: 'The labour market continues to weaken, with the number of employees on payroll falling again, though revised tax data shows the decline in recent months is less pronounced than previously estimated. 'Pay growth fell again in both cash and real terms, but both measures remain relatively strong by historic standards. 'The number of job vacancies is still falling and has now been dropping continuously for three years.' The rise in unemployment is worse than economists had expected, having predicted that the jobless rate would remain at 4.6 per cent for the month. Nevertheless, average wage growth was slightly higher than the 4.9 per cent predicted by economists. But the rate of wage growth was still the weakest figure since the three months to June 2022 and represents a drop from a revised level of 5.3 per cent in the three months to April. Wage growth continues to outstrip inflation, reflecting a rise of 1.8 per cent after taking Consumer Prices Index inflation into account. Pressure in the labour market for the three months to May comes as firms swallowed significant increases in national insurance contributions and the national minimum wage in April. Firms have also been impacted by intensifying economic uncertainty after US President Donald Trump launched a new tariff regime in April, leading to heightened global trade tensions. The figures also showed job vacancies in the UK fell by 56,000 to 727,000 in the three months to June, compared with the previous quarter. Sign in to access your portfolio
Yahoo
17-07-2025
- Business
- Yahoo
UK jobs market continues to cool as pay growth slows
The UK jobs market continued to cool in May, with unemployment ticking higher and pay growth slowing, according to the latest figures from the Office for National Statistics (ONS). The rate of unemployment rose to 4.7% in the March to May period, ONS data released on Thursday showed. This was highest rate in around four years and was up from 4.6% for the three months to April. The number of employees on the payroll in May was down by 25,000 on the month, though this was lower than a previous estimate of 109,000 and less than a decline of 55,000 in April. Estimates for payrolled employees in the year to May fell by 135,000. Early estimates for the number of employees on the payroll in June fell by 41,000 on the month and 178,000 on the year. The number of job vacancies in the UK fell by 56,000 in the three months to June. The ONS said feedback from its vacancy survey suggested some firms may not be recruiting new workers, or replacing workers who have left. Read more: Jobs data increases odds on Bank of England interest rate cut Annual wage growth excluding bonuses eased to 5% in March to May, having fallen to 5.2% in the previous three months. Employers have been grappling with higher labour costs after the rate of their national insurance contributions and the national minimum wage rose in early April, which were changes announced by chancellor Rachel Reeves in the autumn budget. Liz McKeown, director of economic statistics at the ONS, said: "The labour market continues to weaken, with the number of employees on payroll falling again, though revised tax data shows the decline in recent months is less pronounced than previously estimated. "Pay growth fell again in both cash and real terms, but both measures remain relatively strong by historic standards. The number of job vacancies is still falling and has now been dropping continuously for three years." This latest data adds to pressure on the Bank of England in deciding when to further lower interest rates, as it tries to balance keeping inflation under control, while also avoiding a slowdown in the labour market. Bank of England governor Andrew Bailey said in an interview with The Times over the weekend that the central bank was ready to cut interest rates further if the UK job markets begins to show clear signs of slowing down. Bailey expressed a cautious yet optimistic outlook, suggesting that 'the path is downward' for interest rates, currently set at 4.25%. Investors remain confident that the BoE will cut interest rates at its next meeting on 7 August, even as UK inflation rose unexpectedly to a near 18-month high in June as food and fuel prices surged. Consumer prices rose by an annual rate of 3.6% in June, up from 3.4% in May, according to ONS data published on Wednesday. That was the highest rate since January 2024. Read more: UK inflation unexpectedly rises in June on higher fuel prices Paul Dales, chief UK economist at Capital Economics, said: "The fallout in the labour market from the hikes in national insurance contributions and the minimum wage is not as big as previously thought. Even so, as payroll employment is falling and wage growth is easing, the Bank of England will still continue to cut interest rates despite yesterday's strong inflation release." Sarah Coles, head of personal finance at Hargreaves Lansdown and Yahoo Finance UK personal finance columnist, said: "The Bank of England was hoping for bad news from the labour market, and it got what it wanted: wage growth has slowed and unemployment has risen again. For the Bank, this is a sign of growing slack in the labour market, which is likely to ease inflationary pressures, and mean it can cut rates sooner rather than later." Victoria Scholar, head of investment at Interactive Investor, said: "Amid the domestic and international economic uncertainty, employers are taking a cautious approach, refraining from taking on the fixed costs of extra staff where possible. "Data this week paints a rather gloomy picture for the UK economy with disappointing GDP, inflation and employment data. "Although inflation came in hotter-than-expected, the Bank of England is expected to look through this, focusing instead on the deteriorating growth outlook and jobs market weakness, with the central bank still likely to cut rates by 25 basis points next month and the same again before year-end." Read more: Bank of England governor warns tariff hikes risk 'fragmenting the world economy' Reeves calls on regulators to loosen rules in push to spur investment How to make pension pots tax-efficientError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-07-2025
- Business
- Yahoo
Scottish unemployment falls while UK rate rises to highest since pandemic
UNEMPLOYMENT in Scotland fell slightly in the last quarter while the rate has risen to its highest level since the pandemic, official figures have shown. Data from the Office for National Statistics (ONS) showed that the unemployment rate for people aged 16 and over in Scotland was 3.7% between March and May this year. This was 0.5% down on the previous quarter and below the UK wide rate of 4.7%. The Office for National Statistics (ONS) said the rate of UK unemployment increased to 4.7% in the three months to May, from 4.6% in three months to April – marking the highest level since June 2021. READ MORE: Jeremy Corbyn to host 'Gaza tribunal' after UK Government blocks inquiry The employment rate for those aged 16 to 64 was 74.9%, which was 0.6% up on the previous quarter. The figures showed that in Scotland there were 2,674,000 people aged 16 and over in employment between March and May this year. There were 102,000 people aged 16 and over out of work in Scotland in the latest quarter, according to the figures. Meanwhile, average earnings growth, excluding bonuses, slowed to 5% in the period to May to its lowest level for almost three years. The ONS said the figures point towards further pressure in the UK labour market, days after the governor of the Bank of England warned that the bank is prepared to make larger interest rate cuts if it sees that the job market slowing. ONS director of economic statistics Liz McKeown said: 'The labour market continues to weaken, with the number of employees on payroll falling again, though revised tax data shows the decline in recent months is less pronounced than previously estimated. 'Pay growth fell again in both cash and real terms, but both measures remain relatively strong by historic standards.' The rise in unemployment in the UK is worse than economists had expected, having predicted that the jobless rate would remain at 4.6% for the month. READ MORE: Legal rights without enforcement are merely political ornaments Nevertheless, average wage growth was slightly higher than the 4.9% predicted by economists. But the rate of wage growth was still the weakest figure since the three months to June 2022 and represents a drop from a revised level of 5.3% in the three months to April. Wage growth continues to outstrip inflation, reflecting a rise of 1.8% after taking Consumer Prices Index inflation into account. Pressure in the labour market for the three months to May comes as firms swallowed significant increases in national insurance contributions and the national minimum wage in April. Firms have also been impacted by intensifying economic uncertainty after US President Donald Trump launched a new tariff regime in April, leading to heightened global trade tensions. The figures also showed job vacancies in the UK fell by 56,000 to 727,000 in the three months to June, compared with the previous quarter.
Yahoo
17-07-2025
- Business
- Yahoo
UK unemployment rises to highest in four years due to slowing wage growth
Britain's unemployment rate has reached its highest level since June 2021, while workers have also faced a significant slowdown in wage growth, official figures reveal. The Office for National Statistics (ONS) reported the UK jobless rate rose to 4.7% in the three months to May, an increase from 4.6% in the preceding three months to April. Concurrently, average earnings growth, excluding bonuses, decelerated to 5% in the period to May, marking its lowest level in almost three years. (PA) The figures point towards further pressure in the UK labour market, days after the governor of the Bank of England warned that the Bank is prepared to make larger interest rate cuts if it sees that the job market slowing. It also comes amid a backdrop of recent weakness in the economy, with UK GDP (gross domestic product) shrinking in both April and May. We've published the latest labour market on today's figures, ONS Director of Economic Statistics Liz McKeown said: (quote 1 of 2)Read the Labour market overview ➡ — Office for National Statistics (ONS) (@ONS) July 17, 2025 ONS director of economic statistics Liz McKeown said: 'The labour market continues to weaken, with the number of employees on payroll falling again, though revised tax data shows the decline in recent months is less pronounced than previously estimated. 'Pay growth fell again in both cash and real terms, but both measures remain relatively strong by historic standards. 'The number of job vacancies is still falling and has now been dropping continuously for three years.' The rise in unemployment is worse than economists had expected, having predicted that the jobless rate would remain at 4.6% for the month. Nevertheless, average wage growth was slightly higher than the 4.9% predicted by economists. In March to May 2025, average weekly earnings were up 5.0% on the year both excluding including bonuses. At 5.5%, public sector pay growth continues to outstrip the private sector, at 4.9%.Read the article ➡ — Office for National Statistics (ONS) (@ONS) July 17, 2025 But the rate of wage growth was still the weakest figure since the three months to June 2022 and represents a drop from a revised level of 5.3% in the three months to April. Wage growth continues to outstrip inflation, reflecting a rise of 1.8% after taking Consumer Prices Index inflation into account. Pressure in the labour market for the three months to May comes as firms swallowed significant increases in national insurance contributions and the national minimum wage in April. Firms have also been impacted by intensifying economic uncertainty after US President Donald Trump launched a new tariff regime in April, leading to heightened global trade tensions. The figures also showed job vacancies in the UK fell by 56,000 to 727,000 in the three months to June, compared with the previous quarter.
Yahoo
17-07-2025
- Business
- Yahoo
FTSE 100 LIVE: Stocks higher as UK unemployment hits four-year high and wage growth slows
The FTSE 100 (^FTSE) and European stocks advanced on Thursday despite UK unemployment hitting a four-year high. The number of people on payrolls also dropped to the lowest since September 2023 in the wake of Rachel Reeves's tax raid on businesses. According to the Office for National Statistics, Britain's unemployment rate rose in the March to May quarter, to 4.7%, up from 4.5% in the December-February quarter, and higher than economists had expected. The jobs report also revealed that the estimated number of vacancies fell by 56,000 on the quarter, to 727,000, in April to June 2025, as companies continued to cut back on hiring. Wages grew at their slowest pace in three years in May, with average regular pay growth excluding bonuses falling to 5%, which was the weakest since June 2022. In the private sector, regular pay excluding bonuses dropped to 4.9%, which was the weakest since February 2022. Stocks: Create your watchlist and portfolio ONS director of economic statistics Liz McKeown said: 'The labour market continues to weaken, with the number of employees on payroll falling again, though revised tax data shows the decline in recent months is less pronounced than previously estimated. 'Pay growth fell again in both cash and real terms, but both measures remain relatively strong by historic standards. The number of job vacancies is still falling and has now been dropping continuously for three years.' London's benchmark index (^FTSE) was 0.4% higher in early trade. Germany's DAX (^GDAXI) rose 1.2% and the CAC (^FCHI) in Paris headed more than 1% into the green. The pan-European STOXX 600 (^STOXX) was up 0.8%. Wall Street was set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green. The pound was 0.2% down against the US dollar (GBPUSD=X) at 1.3390 amid expectations that the jobs data will lead the Bank of England to cut interest rates next month. Follow along for live updates throughout the day: UK unemployment hits four-year high UK unemployment hitting a four-year high. The number of people on payrolls also dropped to the lowest since September 2023 in the wake of Rachel Reeves's tax raid on businesses. According to the Office for National Statistics, Britain's unemployment rate rose in the March to May quarter, to 4.7%, up from 4.5% in the December-February quarter, and higher than economists had expected. ONS director of economic statistics Liz McKeown said: Asia and US overnight Stocks in Asia were mostly higher overnight, with the Nikkei (^N225) rising 0.6% on the day in Japan, while the Hang Seng (^HSI) fell 0.15% in Hong Kong. The Shanghai Composite ( was 0.4% up by the end of the session. In South Korea, the Kospi (^KS11) added 0.2% on the day. Meanwhile, the Australian dollar is the weakest G10 currency this morning, having fallen 0.64% against the US dollar. Across the pond on Wall Street stocks were higher at the end of a choppy session the day before as beaten-down regional banking shares advanced on a quiet day for markets. On Wall Street, the Dow Jones Industrial Average (^DJI) finished 0.5% higher at 44,254.78, while the S&P 500 (^GSPC) advanced 0.3% to 6,263.70, and the Nasdaq (^IXIC) rose a similar percentage to 20,730.49. This was despite some market anxiety lingering over the uncertain tenure of Federal Reserve chief Jerome Powell. The initial news that Donald Trump was likely to fire Powell sent stocks and the dollar sliding. But Trump was quick to deny the reports, restoring some calm to volatile markets, but he kept the door open to the possibility, and renewed his criticism of the central bank chief for not lowering interest rates. TSMC, the world's main producer of advanced AI chips, is expected to post a jump in second-quarter profit to record levels, although US tariffs and a strong Taiwan dollar could impact its outlook. Netflix also reports results later. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.453% from 4.489% late on Tuesday. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. For the day ahead we have data releases including US retail sales for June, the weekly initial jobless claims, the NAHB's housing market index for July, and UK unemployment for May. Central bank speakers include the Fed's Kugler, Daly, Cook and Waller, along with the ECB's Villeroy. Finally, earnings releases include Netflix, General Electric, PepsiCo, and Abbott Laboratories. Here's a snapshot of what's on the agenda: 7am: Trading updates: EasyJet, SSE, Wise, Big Yellow, Barratt Redrow, Ocado 7am: UK labour market report 10am: Eurozone inflation report for June 1.30pm: US retail sales for June 1.30pm: US weekly jobless data 1.30pm: The 'Philly Fed' business conditions report 3pm: US Business InventoriesUK unemployment hits four-year high UK unemployment hitting a four-year high. The number of people on payrolls also dropped to the lowest since September 2023 in the wake of Rachel Reeves's tax raid on businesses. According to the Office for National Statistics, Britain's unemployment rate rose in the March to May quarter, to 4.7%, up from 4.5% in the December-February quarter, and higher than economists had expected. ONS director of economic statistics Liz McKeown said: UK unemployment hitting a four-year high. The number of people on payrolls also dropped to the lowest since September 2023 in the wake of Rachel Reeves's tax raid on businesses. According to the Office for National Statistics, Britain's unemployment rate rose in the March to May quarter, to 4.7%, up from 4.5% in the December-February quarter, and higher than economists had expected. ONS director of economic statistics Liz McKeown said: Asia and US overnight Stocks in Asia were mostly higher overnight, with the Nikkei (^N225) rising 0.6% on the day in Japan, while the Hang Seng (^HSI) fell 0.15% in Hong Kong. The Shanghai Composite ( was 0.4% up by the end of the session. In South Korea, the Kospi (^KS11) added 0.2% on the day. Meanwhile, the Australian dollar is the weakest G10 currency this morning, having fallen 0.64% against the US dollar. Across the pond on Wall Street stocks were higher at the end of a choppy session the day before as beaten-down regional banking shares advanced on a quiet day for markets. On Wall Street, the Dow Jones Industrial Average (^DJI) finished 0.5% higher at 44,254.78, while the S&P 500 (^GSPC) advanced 0.3% to 6,263.70, and the Nasdaq (^IXIC) rose a similar percentage to 20,730.49. This was despite some market anxiety lingering over the uncertain tenure of Federal Reserve chief Jerome Powell. The initial news that Donald Trump was likely to fire Powell sent stocks and the dollar sliding. But Trump was quick to deny the reports, restoring some calm to volatile markets, but he kept the door open to the possibility, and renewed his criticism of the central bank chief for not lowering interest rates. TSMC, the world's main producer of advanced AI chips, is expected to post a jump in second-quarter profit to record levels, although US tariffs and a strong Taiwan dollar could impact its outlook. Netflix also reports results later. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.453% from 4.489% late on Tuesday. Stocks in Asia were mostly higher overnight, with the Nikkei (^N225) rising 0.6% on the day in Japan, while the Hang Seng (^HSI) fell 0.15% in Hong Kong. The Shanghai Composite ( was 0.4% up by the end of the session. In South Korea, the Kospi (^KS11) added 0.2% on the day. Meanwhile, the Australian dollar is the weakest G10 currency this morning, having fallen 0.64% against the US dollar. Across the pond on Wall Street stocks were higher at the end of a choppy session the day before as beaten-down regional banking shares advanced on a quiet day for markets. On Wall Street, the Dow Jones Industrial Average (^DJI) finished 0.5% higher at 44,254.78, while the S&P 500 (^GSPC) advanced 0.3% to 6,263.70, and the Nasdaq (^IXIC) rose a similar percentage to 20,730.49. This was despite some market anxiety lingering over the uncertain tenure of Federal Reserve chief Jerome Powell. The initial news that Donald Trump was likely to fire Powell sent stocks and the dollar sliding. But Trump was quick to deny the reports, restoring some calm to volatile markets, but he kept the door open to the possibility, and renewed his criticism of the central bank chief for not lowering interest rates. TSMC, the world's main producer of advanced AI chips, is expected to post a jump in second-quarter profit to record levels, although US tariffs and a strong Taiwan dollar could impact its outlook. Netflix also reports results later. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.453% from 4.489% late on Tuesday. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. For the day ahead we have data releases including US retail sales for June, the weekly initial jobless claims, the NAHB's housing market index for July, and UK unemployment for May. Central bank speakers include the Fed's Kugler, Daly, Cook and Waller, along with the ECB's Villeroy. Finally, earnings releases include Netflix, General Electric, PepsiCo, and Abbott Laboratories. Here's a snapshot of what's on the agenda: 7am: Trading updates: EasyJet, SSE, Wise, Big Yellow, Barratt Redrow, Ocado 7am: UK labour market report 10am: Eurozone inflation report for June 1.30pm: US retail sales for June 1.30pm: US weekly jobless data 1.30pm: The 'Philly Fed' business conditions report 3pm: US Business Inventories Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. For the day ahead we have data releases including US retail sales for June, the weekly initial jobless claims, the NAHB's housing market index for July, and UK unemployment for May. Central bank speakers include the Fed's Kugler, Daly, Cook and Waller, along with the ECB's Villeroy. Finally, earnings releases include Netflix, General Electric, PepsiCo, and Abbott Laboratories. Here's a snapshot of what's on the agenda: 7am: Trading updates: EasyJet, SSE, Wise, Big Yellow, Barratt Redrow, Ocado 7am: UK labour market report 10am: Eurozone inflation report for June 1.30pm: US retail sales for June 1.30pm: US weekly jobless data 1.30pm: The 'Philly Fed' business conditions report 3pm: US Business Inventories
