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UK Edition
17th September 2025
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THE HOT STORY

Graduate jobs crisis deepens

Britain is experiencing a significant decline in graduate job opportunities, with vacancies on Reed's website dropping from 180,000 to 55,000 since 2021/22, according to James Reed, CEO of the recruitment firm. Research by High Fliers shows that there was a 14.6% decrease in graduate hiring among the top 100 employers last year, the steepest drop since 2009. Mr Reed, who noted that AI is automating many white-collar roles, is urging families to encourage young people to consider manual labour as a viable career path. He said: "There are all sorts of good jobs that don't involve big lawyers or accountants. And I think probably there's a big cohort of middle-class people who need to think again about that."
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WORKFORCE

Job numbers fall and pay growth slows

Office for National Statistics (ONS) data shows that the number of jobs in the UK economy was down by 119,000 year-on-year in the July to August period. The unemployment rate held steady at 4.7%, the highest rate in four years. The number of payrolled employees dropped by 6,000 in July, with a 142,000 decline over the year. Provisional estimates suggest there was a fall of 8,000 payrolled employees in August. The economic inactivity rate, meanwhile, was down 0.8 percentage points on a year earlier, coming in at 21.1%. The ONS data shows that there were 2.3 unemployed people for each vacancy, up from 2.2 in the previous quarter. Overall vacancies fell by 10,000 to 728,000 in the three months to August. The data also shows that annual wage growth, excluding bonuses, hit 4.8% in the three months to July. This is down from 5% in the previous quarter and the lowest since May 2022. Monica George Michail, associate economist at the National Institute of Economic and Social Research, said wage growth is likely to fall to 4% by the end of the year.

More than £70bn withdrawn from retirement pots

Financial Conduct Authority data shows that pension savers withdrew more than £70bn from their retirement pots in 2024/25, a 35.9% increase on the previous year. Experts attribute the surge, in part, to concerns over potential pension tax changes, with speculation around the upcoming Budget and future inheritance tax rules adding to uncertainty. Only 30.6% of people accessing their pension for the first time took regulated advice, slightly down from 2023/24, while annuity sales rose by 7.8% to 88,430. Sir Steve Webb, a former Pensions Minister who is now a partner at pension consultants LCP, said: "Given that pensions should be a long-term business, it is deeply disappointing that consumer behaviour is being driven so profoundly by uncertainty around public policy."
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ECONOMY

OBR to downgrade productivity forecast

The Office for Budget Responsibility (OBR) has reportedly told the Chancellor that it will downgrade productivity forecasts for the UK economy. A Treasury source said: "We don’t know precisely what they are going to say on productivity, but we have been given indications there will be a downgrade." The source pointed to the Conservative government’s poor record on productivity, arguing that Labour "are the ones picking up the bill." A downgrade to growth forecasts would hit the Chancellor’s fiscal buffer. The National Institute of Economic and Social Research says Rachel Reeves will have to find up to £50bn in extra taxes or savings to rebuild her headroom. While Capital Economics has suggested that the Chancellor faces a shortfall of around £30bn, analysts at Deutsche Bank and JPMorgan believe it may be lower.

UK dealt tariff blow over steel exports

A deal that would remove tariffs on UK steel exports to the US has reportedly been put on hold indefinitely. The UK and US signed a trade deal in June that reduced tariffs on car and aerospace imports to the US. However, no terms were agreed for British steel, leaving tariffs at 25%. Industry sources say that while failure to secure a 0% tariff deal was disappointing, the UK retains an advantage as other countries face tariffs of 50%. Gareth Stace from UK Steel said it is "even more imperative now" that the government "beefs up its own trade defences to ensure UK steelmakers have a sustainable share of their own market."
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LEGAL

Rule of law key to growth, says Attorney General

The UK's Attorney General, Lord Hermer KC, has emphasised the importance of the rule of law in driving economic growth and attracting global investment. Speaking at the launch of the Legal Livery Group, he said that trust in British institutions and courts reassures investors. Lord Hermer said: "It is why global firms settle their disputes in our courts." He noted that the legal sector contributed £34bn to the UK economy in 2022, representing 1.6% of GVA. 
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STRATEGY

Sky to cut jobs

Sky is planning to cut hundreds of UK jobs as it looks to focus on its streaming services. The broadcaster has launched a consultation on proposed changes which could affect 900 roles, with around 600 positions expected to be cut and the remaining staff potentially redeployed. Sky, which employs around 23,000 people in the UK, has axed almost 3,000 roles since 2023.

Wedgwood to freeze production at Staffordshire factory for 90 days

Ceramics firm Wedgwood is to pause production at its Staffordshire factory for 90 days at the end of the month, with 70 employees put on temporary leave. Owner Fiskars Group confirmed the temporary shutdown would start at Barlaston on 29 September, and was happening "to address elevated inventory levels caused by lower consumer demand in some of our key markets." A spokesperson for the GMB Union said workers would continue to receive full pay and be supported during the pause.
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INTERNATIONAL

US workers learn the limits of free speech

In the wake of conservative activist Charlie Kirk's fatal shooting, numerous workers in the US have been terminated for their comments regarding his death. Vanessa Matsis-McCready, associate general counsel at Engage PEO, observed: “Most people think they have a right to free speech . . . but that doesn't necessarily apply in the workplace.” The legal landscape varies by state, with many employees lacking protections for speech made outside of work. While some states have laws against punishing workers for political views, exceptions exist for conduct deemed disruptive. Amy Dufrane from the Human Resource Certification Institute observes: “HR has got to really drill down and make sure that they're super clear on their policies.” Employers are increasingly reviewing their policies on political speech to maintain workplace safety and brand reputation.

Super Retail Group CEO sacked over disclosure failure

Australia's Super Retail Group has terminated chief executive Anthony Heraghty after he failed to disclose a romantic relationship with former HR chief Jane Kelly. The board said that new information revealed Heraghty's previous disclosures were inadequate. Legal action is ongoing, with former legal officers alleging bullying after raising whistleblower complaints about the relationship. The board has also revoked Mr Heraghty's financial incentives. Chief financial officer David Burns will serve as interim CEO while the search for a permanent replacement begins.

South Korea to check on U.S. human rights violations

South Korea will check with employers about whether there were any human rights violations for Korean workers that were detained in the US, a presidential spokesperson has said. More than 300 South Korean workers returned home on Friday after about a week of detention in a US immigration detention facility.
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OTHER

White paper to set out school communication guidelines

The Times reports that Education Secretary Bridget Phillipson is to launch a white paper this autumn setting out expectations around how schools communicate with families in order to repair what she sees as a deterioration in relationships with parents since the pandemic. Phillipson said the white paper "will set out plans to establish, for the first time, clear expectations of schools for parental engagement so that families can be clear on what they should expect from schools" and schools "can be clear on what they should expect from families." The guidelines, she said, "will cover how the school will deliver a universal offer for all parents - things like how and when they'll be in touch, how and when they'll share data, support with home learning, involvement in school life, how parents can work with the school to support children moving from one stage of their learning to another."
 
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