Britain’s unemployment rate has hit 5 per cent – the highest level since the pandemic. Figures, just released by the Office for National Statistics (ONS), also show 117,000 payrolled jobs wiped out in the last year. The hiring slowdown seems to be getting worse as what was initially a reaction to the Chancellor’s £25 billion raid on employer National Insurance now turns into fears about the coming Budget.

Meanwhile, wage growth continued to ease, although it still remains well above inflation. Wages were up 4.8 per cent across the economy compared to last year, with pay rises doing considerably better in the public sector.

However, if wage growth slows again this month then it could mean we see a rate cut from the Bank of England just in time for Christmas. Last week they voted 5-4 to ho

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