UK Employment Fell Most Since Pandemic Ahead of Tax Hike (1)

UK businesses shed workers at the fastest pace since the start of the pandemic shortly before they were hit by a £26 billion ($34.3 billion) rise in payroll taxes and US tariffs.

Tax data showed the number of workers on payrolls dropped 78,467 in March before measures from Labour’s first budget took effect in April, the Office for National Statistics said Tuesday. Vacancies in the first quarter slipped below pre-pandemic levels for the first time since 2021.

The figures were the latest sign that the jump in employment costs — which also include another big increase in the minimum ...