Rachel Reeves handling of the UK economy has been shambolic, business leaders have said (Image: POOL/AFP via Getty Images)

       Unemployment figures released today make for grim reading. Britain's jobless rate is at its highest level for four years - while wage growth has stagnated, official figures have shown. According to the Office for National Statistics, the rate of UK unemployment increased to 4.7% in the three months to May - the highest level since June 2021 - while annual wage growth stagnated at 5%.

       The number of jobs being advertised is also down for the 36th month in a row - meaning there are more people competing for fewer jobs. We asked some UK business leaders for their reaction to the news - and they didn't hold back in pointing the finger of blame at chancellor Rachel Reeves.

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       Rachel Reeves warned pension reforms will be 'nail in coffin' for UK businesses

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       UK high street panic as Rachel Reeves plans ￡1.7billion business tax raid

       88 Comments

       More unemployment woe for Rachel Reeves as iconic British brand announces 500 job losses

       16 Comments

       Rachel Reeves 'catastrophe' strikes as new economic bombshell rocks Labour

       43 Comments

       Rachel Reeves Budget backlash as food prices rise again

       10 Comments

       Rachel Reeves accused of planning wealth tax raid on middle-class workers to fix economy

       31 Comments

       POLL: Do you trust Rachel Reeves with Britain's economy?

       144 Comments

       UK savers ordered to check one thing now as inflation becomes 'quiet destroyer of money

       Comments

       Rachel Reeves torn apart with just 9 words on GB News after humiliating 'breaking news'

       100 Comments

       Rachel Reeves is doubling down on failure - things can only get worse

       28 Comments

       Brits 'must think differently about cash' as Rachel Reeves inflation chaos to hit wallets

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       Rachel Reeves' ‘staggering' economic chaos leaves Bank of England with ‘serious conundrum'

       116 Comments

       Rachel Reeves dealt another brutal economic blow as unemployment spikes across UK

       45 Comments

       Tax raid fears as minister issues statement about 'modest' incomes

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       Rachel Reeves has never run a business or created a job - that's why she's failing

       72 Comments

       Rachel Reeves creates 'tax time bomb' that could shrink UK economy

       34 Comments

       Rachel Reeves will discover how hard it is to win back trust

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       Rachel Reeves inflation economy chaos sparks calls for action - 'this will only get worse'

       36 Comments

       Rachel Reeves warned pension reforms will be 'nail in coffin' for UK businesses

       23 Comments

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       88 Comments

       More unemployment woe for Rachel Reeves as iconic British brand announces 500 job losses

       16 Comments

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       43 Comments

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       Ranald Mitchell, director at Charwin Mortgages, said: "Bleak doesn’t begin to cover it. We’re seeing falling payroll numbers, rising unemployment, collapsing vacancies, and a growing claimant count, and yet some still talk about a resilient economy.

       "This is the eighth straight month of payroll shrinkage, on the back of many consecutive periods of falling vacancies. That’s not a blip, it’s a trend.

       "What’s most alarming is that these numbers are landing just weeks into a new government supposedly focused on growth. Businesses are being suffocated by costs, red tape, and uncertainty, while the public are told to keep calm and carry on. At what point do we admit that UK plc is being managed into the ground?"

       Harry Goodliffe, director at HTG Mortgages, called for Ms Reeves to go. "The Chancellor needs to be the next one to lose a job," he said.

       "Everywhere you look there’s a negative announcement, jobs down, vacancies down, unemployment up. It’s a slow bleed that’s now turning into a full-on crisis.

       "Wage growth might grab a headline, but it means little when people are losing work and businesses are cutting back. The economy isn’t bouncing back, it’s breaking down. This government seems totally out of answers."

       Stephen Perkins, managing director at Yellow Brick Mortgages, said the increase in National Insurance rates required to be paid by employers was responsible for the trend. He said: "How can the economy be expected to grow with eight consecutive months of increased unemployment since the Budget? The Chancellor needs to be the next one to lose a job."

       Rohit Kohli, director at The Mortgage Stop, agreed the figures are "bleak", but added they are "not surprising". "Since coming to power, this government has drained business confidence and piled on costs," he said.

       "There’s been zero incentive to invest, and right now most firms are focused on protecting themselves from poor policymaking rather than planning for growth. Labour talks about being pro-growth, but it’s hard to see what their definition of growth actually is.

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       Rachel Reeves' tax raid to see 'a pub close down a day' as economy turmoil bites

       5 Comments

       The one thing Rachel Reeves must do to reignite the economy

       17 Comments

       Rachel Reeves inflation economy chaos sparks calls for action - 'this will only get worse'

       36 Comments

       Rachel Reeves warned pension reforms will be 'nail in coffin' for UK businesses

       23 Comments

       UK high street panic as Rachel Reeves plans ￡1.7billion business tax raid

       88 Comments

       More unemployment woe for Rachel Reeves as iconic British brand announces 500 job losses

       16 Comments

       Rachel Reeves 'catastrophe' strikes as new economic bombshell rocks Labour

       43 Comments

       Rachel Reeves Budget backlash as food prices rise again

       10 Comments

       Rachel Reeves accused of planning wealth tax raid on middle-class workers to fix economy

       31 Comments

       POLL: Do you trust Rachel Reeves with Britain's economy?

       144 Comments

       UK savers ordered to check one thing now as inflation becomes 'quiet destroyer of money

       Comments

       Rachel Reeves torn apart with just 9 words on GB News after humiliating 'breaking news'

       100 Comments

       Rachel Reeves is doubling down on failure - things can only get worse

       28 Comments

       Brits 'must think differently about cash' as Rachel Reeves inflation chaos to hit wallets

       5 Comments

       Rachel Reeves' ‘staggering' economic chaos leaves Bank of England with ‘serious conundrum'

       115 Comments

       Rachel Reeves dealt another brutal economic blow as unemployment spikes across UK

       45 Comments

       Tax raid fears as minister issues statement about 'modest' incomes

       4 Comments

       Rachel Reeves has never run a business or created a job - that's why she's failing

       72 Comments

       Rachel Reeves creates 'tax time bomb' that could shrink UK economy

       34 Comments

       Rachel Reeves will discover how hard it is to win back trust

       6 Comments

       Rachel Reeves' tax raid to see 'a pub close down a day' as economy turmoil bites

       5 Comments

       The one thing Rachel Reeves must do to reignite the economy

       17 Comments

       Rachel Reeves inflation economy chaos sparks calls for action - 'this will only get worse'

       36 Comments

       Rachel Reeves warned pension reforms will be 'nail in coffin' for UK businesses

       23 Comments

       UK high street panic as Rachel Reeves plans ￡1.7billion business tax raid

       88 Comments

       More unemployment woe for Rachel Reeves as iconic British brand announces 500 job losses

       16 Comments

       Rachel Reeves 'catastrophe' strikes as new economic bombshell rocks Labour

       43 Comments

       Rachel Reeves Budget backlash as food prices rise again

       10 Comments

       Rachel Reeves accused of planning wealth tax raid on middle-class workers to fix economy

       31 Comments

       POLL: Do you trust Rachel Reeves with Britain's economy?

       144 Comments

       UK savers ordered to check one thing now as inflation becomes 'quiet destroyer of money

       Comments

       Rachel Reeves torn apart with just 9 words on GB News after humiliating 'breaking news'

       100 Comments

       Rachel Reeves is doubling down on failure - things can only get worse

       28 Comments

       Brits 'must think differently about cash' as Rachel Reeves inflation chaos to hit wallets

       5 Comments

       Rachel Reeves' ‘staggering' economic chaos leaves Bank of England with ‘serious conundrum'

       115 Comments

       Rachel Reeves dealt another brutal economic blow as unemployment spikes across UK

       45 Comments

       Tax raid fears as minister issues statement about 'modest' incomes

       4 Comments

       Rachel Reeves has never run a business or created a job - that's why she's failing

       72 Comments

       Rachel Reeves creates 'tax time bomb' that could shrink UK economy

       34 Comments

       Rachel Reeves will discover how hard it is to win back trust

       6 Comments

       Rachel Reeves' tax raid to see 'a pub close down a day' as economy turmoil bites

       5 Comments

       The one thing Rachel Reeves must do to reignite the economy

       17 Comments

       Rachel Reeves inflation economy chaos sparks calls for action - 'this will only get worse'

       36 Comments

       Rachel Reeves warned pension reforms will be 'nail in coffin' for UK businesses

       23 Comments

       UK high street panic as Rachel Reeves plans ￡1.7billion business tax raid

       88 Comments

       More unemployment woe for Rachel Reeves as iconic British brand announces 500 job losses

       16 Comments

       Rachel Reeves 'catastrophe' strikes as new economic bombshell rocks Labour

       43 Comments

       "At the moment, the whole Labour Government seems totally detached from business reality. If there’s nothing in the next Budget to genuinely support investment and productivity, I don’t see Rachel Reeves lasting beyond Christmas."

       Sam Kirk, managing director at J-Flex Rubber Products, said he was concerned the news showed Labour was not fit to run the UK economy. He said: "How many more warnings do we need before people start asking serious questions about Labours’ economic credibility?

       "They talked big on 'growth' and 'jobs', but all we’ve seen is stagnation dressed up in soundbites. Frankly, the only thing more worrying than Reeves’ performance is the lack of anyone remotely competent waiting in the wings."

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