UK Job Losses Under Reeves Budget Half Initial Estimates After Payroll Revisions
New Office for National Statistics revisions reveal the UK economy has lost approximately 126,700 jobs since Chancellor Rachel Reeves’ October 2024 budget, significantly below the 276,000 initially estimated. The data could temper criticism of the £26 billion employer National Insurance increase. Revised payroll figures suggest the economic impact may be less severe than previously feared.
The UK job market has proven more resilient than initial projections suggested, with revised data showing employment losses from Chancellor Rachel Reeves’ budget measures are less than half what was originally estimated. According to the latest figures from the Office for National Statistics, the UK economy has approximately 126,700 fewer employees on payrolls than in October 2024, when Rachel Reeves announced a £26 billion increase in employer National Insurance contributions.