The findings also indicate a fall in business output.
Declining economic activity as a result of higher interest rates has led to a fall in business output and hiring intentions, new research suggests.
Business advisory firm BDO said the effects of tighter monetary policy from the Bank of England were being reflected in the labour market, with a fall in demand for workers.Kaley Crossthwaite, partner at BDO said: “Businesses are reacting to the higher interest rate environment with conservative decisions about hiring.
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