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2025-09-18 18:22:07
Is a UK employment winter coming? Retail giant CEO issues warning. (1) Simon Wolfson, CEO of British retail giant Next, noted that the UK economy will see a significant decline in job opportunities, with entry-level positions particularly impacted. He attributes this in part to government policies. (2) Wolfson stated that the UK job market is facing triple pressures: rising costs, increased regulation, and job displacement due to mechanization and artificial intelligence. (3) Next's own data shows that job vacancies have decreased by approximately 35% compared to two years ago, while the number of job applications has increased by approximately 75%. This reflects shifts in the supply and demand dynamics in the job market. (4) Official UK data shows a continued cooling of the job market. Employee pay has fallen for the seventh consecutive month, and overall wage growth is also slowing. (5) Wolfson predicts that the UK economy will be trapped in a "sluggish growth" dilemma in the medium to long term. In addition to job losses and new regulations, the government's spending commitments exceed its fiscal capacity, and the increasing tax burden is also undermining productivity. ⑹ He believes that there are not many policies that can stimulate the economy at present, but rather a number of bills pose risks to economic growth. However, he also praised the government's proposal to relax the building planning process.
