Since the end of October and into November the number of permanent positions available dropped ‘at the steepest pace since August 2023’, said the Recruitment & Employment Confederation in its KPMG and REC, UK Report on Jobs.

Neil Carberry, REC chief executive said: ‘It should be a surprise to no-one that firms took the time to re-assess their hiring needs in November after a tough Budget for employers.

‘The real question now is whether businesses will return to the market as they go into next year with greater certainty about the path ahead.’

The 1.2% increase in employers National Insurance, along with substantial increases to minimum wage are mainly why businesses will be worrying about the future of their businesses.