Yael Selfin, Chief Economist at KPMG UK, comments on KPMG's today’s labour market figures.
“Latest figures point at a solid labour market while the decline in vacancies will take pressure off the BoE to raise rates” says Yael Selfin, Chief Economist at KPMG UK.
“Figures out today show demand for workers was in full swing in the run up to the earlier Brexit deadline of 31 October, with the labour market remaining extra tight, and the unemployment rate below the Bank of England’s comfort level.
“The continued rise in vacancies signals that the tightening of the labour market has likely reached a plateau for now, and together with the recent rise in sterling, will give the Bank of England some comfort as it judges inflationary pressures in the pipeline.
“The latest picture of the labour market makes it difficult to envisage a large boost in public investment, in line with the ambitious public spending plans the new government is to outline, unless migration restrictions are eased.”
For media enquiries, please contact:
Gill Carson, Corporate Communications
Tel: +44 (0) 20 3078 4189
KPMG Press Office
Tel: +44 (0) 207 694 8773
Follow us on twitter: @kpmguk
About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.