The pace of layoffs by British companies is the fastest in four years.

A survey by the Bank of England shows that this summer, the pace of job cuts in British businesses has reached a four-year high, indicating that the impact of Chancellor Rishi Sunak's first budget is still fermenting in the labor market. The survey, released on Thursday and targeting chief financial officers of businesses, shows that in the three months leading up to August, businesses cut 0.5% of their staff, the largest drop since 2021. Businesses are expecting to only increase their employees by 0.2% in the coming year, lower than previous forecasts.