Overview
- Unemployment reached 5% in the three months to September and payroll employment fell by 117,000 year on year, according to the ONS.
- Analysts warn that higher joblessness will cut National Insurance and income tax receipts just as pension and welfare costs rise.
- Ministers are understood to be exploring ways to raise revenue from landlords and some pensioners through changes to income tax and National Insurance.
- Chancellor Rachel Reeves will set out fiscal plans at the Autumn Budget on Wednesday 26 November, when the annual pension increase is typically confirmed, and Labour says it remains committed to the policy this Parliament.
- Charities report rising demand for debt advice as the labour market weakens, while care provider Cera says it has hired over 3,900 staff since last October using an AI assistant to speed recruitment.