Job vacancies sink to a five-year low as small firms blame Reeves' National Insurance rise and demand Budget relief

Unemployment fell to 4.7% in the three months to August, with 1.71 million out of work, but vacancies saw their biggest drop since January. Small firms say they cannot afford to hire. Antonia Medlicott, founder of Investing Insiders, says businesses are still reeling from the last two Budgets. Chancellor John Healey delivers his autumn Budget in just over a week.

Since April 2025, every business pays 15 per cent employer National Insurance.

Small and medium-sized firms account for around 60 per cent of UK jobs.