Services sector cuts jobs and hikes prices after Reeves’ tax raid
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The UK services sector is experiencing job cuts and price hikes due to rising costs from government policies, particularly following Chancellor Rachel Reeves' tax increases. Despite a rise in business activity, job losses have continued since October 2024, with firms focusing on productivity amid inflationary pressures. The latest S&P report indicates that while staffing declines have moderated, they remain significant. Companies are investing in AI to manage costs, leading to concerns over unemployment. However, optimism persists, with many firms expecting output growth in the coming year.
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