UK companies keep shedding staff as pay growth slows – business live

The ONS reports that UK vacancies fell by 8,000 to 702,000 between June and August, reaching the lowest non-pandemic levels in over a decade. Total workforce jobs decreased by 48,000 in June 2026, with significant drops in self-employment. Simultaneously, average total earnings growth slowed to 3.9% in the three months to July, down from 4.1%. This deceleration occurs as workers face a cost of living squeeze and the Bank of England evaluates interest rates.