The Institute of Chartered Accountants in England and Wales (ICAEW) Economics Director Suren Thiru has commented on the UK labour market data disclosed by the Office for National Statistics. 

Thiru noted that the UK’s employment outlook remains uncertain due to sinking business confidence and rising cost pressures, which may lead to a slight increase in unemployment.  

He also stated that the pace of slowing wage growth is unlikely to prompt a majority of rate setters to support a November rate cut. 

In July to September 2025 quarter, the number of job vacancies in the UK decreased by 9,000 (1.3%) to 717,000, marking the 39th consecutive period of decline.  

Vacancies reduced in nine of the 18 industry sectors. 

The number of payrolled employees in the UK stood at 30.3 million in September 2025, representing a 0.3% decrease (100,000) year-on-year and a 0.0% change (10,000) month-on-month.  

This figure is a provisional estimate and is subject to revision next month when more data becomes available. 

Thiru said: “These figures suggest that the UK’s jobs market is slowly suffocating, as skyrocketing employment costs and a sluggish economy triggers more organisations to limit headcount and restrain pay growth. 

“The continued decline in job vacancies offers an ominous indication of the health of the labour market as it suggests that demand for staff is sinking amid growing uncertainty and the intensifying financial squeeze on firms.” 

In September 2025, ICAEW expressed concerns over the updated reforms to business property relief (BPR) and agricultural property relief (APR).  

The organisation described the changes as “very disappointing”, citing the limited concession to index the £1m allowance to inflation by 2030.