Part 10/12:
The recent increase in the national minimum wage may have briefly enhanced incomes for workers in positions like cleaning or hospitality, but as costs rise, businesses are feeling pressure to tighten their belts. Coupled with the increase in national insurance taxes scheduled for implementation, hiring is likely to suffer further amid rising labor costs.
While unemployment figures provide a snapshot of labor market health, they overshadow the deeper, systemic issues affecting overall employment quality and security.