Vacancysoft & APSCo North West Regional Labour Market Trends | March 2025

In late 2024, Britain’s labour market felt the weight of shifting fiscal policy and cautious monetary management. Chancellor Rachel Reeves’s October budget unveiled a £40 billion tax plan aimed at closing a £21.9 billion deficit. A key measure, raising employers’ National Insurance contributions to 15 percent on earnings above £5,000 from April 2025, was billed as fiscally prudent but left firms wary of higher hiring costs.