Rachel Reeves has been slammed for her economic policies (Image: Getty)
Rachel Reeves has been issued a recession warning as an expert warned her Budget is harming the UK's job market and economy.
The Chancellor announced on October 30 that the rate at which employers pay in National Insurance (NI) contributions will rise from 13.8% to 15% on a worker's earnings above ￡175 from April.
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The threshold at which employers start paying the levy, a major source of funding for the NHS that also builds up entitlement to social security benefits, on each of their employee’s salary will be reduced from ￡9,100 per year to ￡5,000.
In addition, Ms Reeves announced a 6.7% increase to the National Living Wage, which will be worth ￡1,400 a year for an eligible full-time worker.
Now, James Reed, the Chairman of recruitment company Reed has lashed out at Ms Reeves, warning that the UK may be in for an economic slow own, and maybe even a recession.
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Rachel Reeves says she is pushing for growth (Image: Getty)
It comes after it was revealed that the number of permanent job vacancies is falling at the fastest rate in years, according to a new report from the Recruitment and Employment Federation (REF) for accounting firm KPMG looking at January's job market.
The number of permanent posts fell at the fastest rate since August 2020. Demand for staff is down, experts found, and recruiters are seeing clients making redundancies.
This has been exacerbated by Government policies, the research also noted.
Mr Reed told BBC Radio 4's Today programme this morning: "We're seeing a worsening situation in the labour market, and our vacancy numbers for January were down 22%."
On stats suggesting that the number of vacancies has decreased over the last couple of years, he added: "I have described this situation previously as like a slow motion car crash. Unfortunately it is accelerating as vacancies continue to decline.
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James Reed has lashed out at Ms Reeves policies (Image: Getty)
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"The ONS reported 30 consecutive periods of decline. I mean, the centrepiece of the Budget was this ￡25billion increase in National Insurance, which is a tax on jobs. So we shouldn't be surprisued if that results in fewer jobs, and that's exactly what's happening."
Mr Reed then said that when he has seen data like this previously, it meant that the economy was certainly heading for a slow down, "or perhaps worse, a recession".
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The north of England in particular recorded a large reduction in vacancies, new figures suggested, with Mr Reed suggesting that the NI increase were the equivalent to a 2% rise in pay roll costs, which is "the difference between making a profit and making a loss" for "a lot of businesses".
He then lamented: "This pressure on businesses is resulting in good people losing their jobs, good copmpanies rowing back on their plans, or hving to reduce recruitment."
This is "perhaps greater" in the north as firms' margins are "smaller".