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21st February 2025
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THE HOT STORY
Hiring climbs in January
Analysis by the Recruitment and Employment Confederation (REC) shows that companies increased hiring in January. The REC report shows that there were 1,516,535 job postings in January, an increase of 7.2% on the previous month and the first rise in job postings since June 2024. The number of new job postings came in at 738,040. This was up 34.4% on December and exceeds the 27.9% increase recorded in January 2024. REC deputy chief executive, Kate Shoesmith, said that while there were “tough conversations going on in boardrooms across the country” over the extra costs from inflation and higher taxes, the latest data “suggests it is too soon for gloom about the UK economy’s prospects overall for 2025.” She added: “The increase in job postings is a clear sign that employers will hire when they need to. A 34.4% increase in new jobs signals a solid rebound in demand, showing that businesses remain resilient, despite both domestic and international headwinds.”
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TRAINING & DEVELOPMENT
Schools urged to boost essential skills
The National Foundation for Educational Research (NFER) says there is an urgent need for schools to enhance the development of essential employment skills (EES) such as communication, organisation, and problem-solving. An NFER report suggests that the government should “incentivise and support” schools in this endeavour, because addressing cognitive and behavioural skills gaps early can lead to “improved labour market outcomes.” Jude Hillary, NFER's co-head of UK policy and practice, emphasised the importance of early intervention, saying: “The consequence of inaction could see increasing numbers of young people leaving education without the skills and qualifications they need.” The report also advocates for a “cradle to grave approach” to skills development, urging the government to support disadvantaged students in accessing extra-curricular activities that foster these skills.
DIVERSITY, EQUITY & INCLUSION
Citigroup retreats from DEI initiatives
Citigroup CEO Jane Fraser has said that the bank will no longer require a diverse pool of candidates for job interviews, and it will only maintain "aspirational representation goals" where mandated by local law. Meanwhile, Citigroup's Diversity, Equity and Inclusion and Talent Management team will be rebranded as Talent Management and Engagement. "It is important to note that we're living in an environment where things are changing quickly," Fraser wrote, adding that the bank will still encourage "the best practice of having a variety of perspectives included in hiring decisions."
LEGAL
Remote working 'gave cover for insider-trading scheme'
A former Janus Henderson analyst used confidential information to make nearly £1m, prosecutors have told Southwark Crown Court. Redinel Korfuzi has been charged on a count of insider dealing and money laundering between January 2019 and March 2021. His sister, Oerta Korfuzi, has also been charged, alongside two other members of a ring who prosecutors say acted as "secret proxies" for the insider trading. Tom Forster, a prosecutor representing the Financial Conduct Authority, said the defendants “took advantage of the cloak afforded by national lockdown restrictions . . . to take the opportunity to execute . . . their secret plan to conduct criminal trading.” Janus Henderson is not involved in the criminal case and the City watchdog said the asset manager has co-operated fully with its investigation.
CORPORATE
Fashion chain Quiz collapses
Fashion chain Quiz has fallen into administration with the closure of 23 stores. Administrator Teneo has agreed a pre-pack administration deal for Orion, a subsidiary company run by Quiz’s founding family, that will see it buy the Quiz brand and 42 shops, saving around 1,300 jobs. However, the closure of 23 branches in the UK and Ireland will mean the loss of 191 jobs. Sheraz Ramzan, chief executive of Quiz, said the company had appointed administrators due to “continuing challenging trading conditions impacting the group’s performance.” He added that the decision “will put the business on a more sustainable footing for the future and protect several hundred jobs.”
HIRING
London's unemployment crisis deepens
London is grappling with the highest unemployment rate in the UK, currently at 6.1% and significantly above the national average of 4.4%. Recent data from the Office for National Statistics indicates that 354,740 Londoners were claiming unemployment benefits in January, a rise of 56,655 or 19% from the previous year. David Lammy's Tottenham constituency in the north of the capital leads with 9,035 claimants, followed closely by Brent East and West Ham. Matthew Fell, competitiveness director at BusinessLDN, remarked: “In the face of rising cost pressures . . . many firms across the capital have pressed pause on hiring.” The report highlights that nearly 1.3m adults in London are economically inactive, representing over 20% of the workforce.
Global jobs market hit by 'longest downturn' in decades
The global jobs market is experiencing its longest downturn since the early 2000s, according to Dirk Hahn, chief executive of Hays, Britain's largest recruitment firm. He said: "I have been in the business for 27 years and this is by far the longest downturn I have ever seen." Demand for contract workers remains low, and the market for permanent hires has not improved since a pre-Christmas slump.
WORKFORCE
Hairdressers face job crisis
Hairdressers warn that last year's Budget could be the "final nail in the coffin" for their industry, as rising taxes threaten jobs. The Confederation of British Industry (CBI) has reported a wave of insolvencies, with increased employer National Insurance contributions and minimum wage making it difficult for salons to employ staff. Toby Dicker, co-founder of the British Hair Consortium, said salons are resorting to self-employment to avoid tax hikes, leading to a significant loss in VAT receipts.
ECONOMY
UK consumer confidence hits 11-month low
Consumer confidence in the UK economy has plummeted to an 11-month low, with the British Retail Consortium's latest survey revealing a net balance of -37 in February, a decline of 40 points since last summer's general election. The survey indicates that two-thirds of retailers anticipate price increases due to £7bn in additional costs, including higher employer national insurance contributions. Furthermore, nearly half of retailers are considering hiring freezes to manage these rising expenses. Companies, including Sainsbury's and Morrisons, have already unveiled plans to cut jobs. Meanwhile, Tesco and Marks & Spencer have predicted that the high street will cut at least 300,000 jobs over the next three years. Food and drink price inflation has also surged to a ten-month high of 3.3%, exacerbating the cost of living crisis.
INTERNATIONAL
Eliminated FAA staff 'had direct roles in supporting safety inspectors'
The recent layoffs at the US Federal Aviation Administration (FAA) have raised safety concerns among unions. Approximately 400 personnel were let go, including aviation safety assistants and maintenance mechanics. David Spero, president of the Professional Aviation Specialists Association, observed: “All of these people are part of the safety net. The more of them that are not there, the more difficult it becomes to do the actual safety oversight.” The cuts come amid declining public confidence in air travel. A recent poll indicated that only 64% of US adults now view plane travel as “very safe” or “somewhat safe.” Spero added: “What I would hope is that the FAA would reinstate these people . . . And then if they need to assess the size of the government, actually, the FAA can do it in a thoughtful and methodical way to make a determination as to what are the impacts to aviation safety.”
Peru's illegal miners 'use children as shields'
Teófilo Kukush, president of the Wampís community in Peru, is urging the country's government to declare a state of emergency due to the alarming situation surrounding illegal miners. He said: “They are using children between 5 and 10 years old as human shields.” The illegal mining operations have resulted in significant violence, with at least 30 fatalities reported over the past two years. Despite having 85,000 registered artisanal miners, only 20% possess formal permits, leading to rampant illegal activities. The Superintendency of Banking, Insurance and Private Pensions reported $1.096bn in operations linked to illegal mining from January to October last year.
OTHER
Government to ban mandatory nursery top-up fees
The Department for Education has published new guidance for early years providers in England, saying that parents accessing government-funded free childcare cannot be required to pay additional top-up fees for items such as nappies, sun cream and snacks. Education minister Stephen Morgan said the guidance would "save parents cash and protect them from overcharging from providers." From January 2026 providers will also be required to set out any chargeable extras on their websites to improve transparency. Neil Leitch, chief executive of the Early Years Alliance, said that while "we fully agree that families should be able to access early entitlement hours without incurring additional costs, in reality, years of underfunding have made it impossible for the vast majority of settings to keep their doors open without relying on some form of additional fees or charges." The guidance, he warns "does absolutely nothing to address - or even acknowledge - the fundamental financial challenges facing the sector."
 


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