The number of redundancies in the UK has defied predictions and dropped a third in the last quarter.
Employment law firm GQ|Littler reported there has been a 32 per cent drop in workers being let go, falling fro 53,000 to 36,000.
GQ|Littler said the dip in redundancies shows the job market is resilient, but an eventual rise in people losing their jobs may be “inevitable” as firms try to come to grips with the cost of living crisis, and in particular, the steep rise in energy costs.
Caroline Baker, a partner at the firm said “the drop suggest that the tight labour market has made businesses reluctant to reduce headcount.”
“With corporate borrowing costs soaring since the mini-budget, that softly, softly approach to cost management might not be sustainable in the long-term.”
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