City job losses loom amid government tax grab and recession

Square Mile banks, brokers and insurers will shed jobs to alleviate pressure on their balance sheets from the government hiking taxes, the new Lord Mayor of the City of London has warned.

by | 22 Nov, 2022

Nicholas Lyons, the freshly minted 694th Mayor of the City, told Bloomberg today he expected “there will be some job losses” after chancellor Jeremy Hunt heaped more taxes on households and businesses despite the UK tumbling into a recession.

Lyons said finance firms will “have to cut costs” if they “want to continue to be able to pay dividends to pensioners”.

Last week, Hunt raised taxes and cut spending £55bn to shore up the country’s public finances.

The fiscal tightening came despite the Office for Budget Responsibility warning Britain is headed for an at least year long recession and the biggest hit to living standards on record.

Read more at City A.M.

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