UK businesses are cutting jobs at the fastest pace since the financial crisis, excluding the pandemic, as rising costs reignited stagflation fears in the British economy, according to a closely watched survey.
The S&P Global flash purchasing managers’ survey on Friday showed the net share of businesses reducing staff numbers in January and December was the highest since the global financial crisis in 2009, outside of the onset of Covid-19 in 2020.
In the latest significant job cuts, Supermarket chain J Sainsbury this week said it was axing 3,000 roles.
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