Job vacancies at lowest level for five years

Good morning,

Britain’s jobs market has hit a grim milestone, with vacancies tipping below 700,000 for the first time in more than five years. They dipped by 21,000 in the three months to September, down to 691,000 - the lowest since April 2021. For context, at that stage the UK was still under some Covid restrictions.

In slightly brighter news, John Healey appears to have ruled out a hike to capital gains tax at the Budget next week. There had been concerns that a CGT increase would send more higher earners overseas.

So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.

Matt

It seems the PM won’t be able to bring his whole self to work without a new mandate from the electorate, and if (as he prepares to tell us more about his ten year plan) he’s after some inspiration I suggest he digests the alternative Budget published this week by the Institute of Economic Affairs.

He may recoil from its whiff of radical free-market ideas but the proposed policies are bold and deserve a hearing, writes City AM Editor-in-Chief Christian May.

The Treasury was facing lobbying efforts from top ministers, including Louise Haigh and Wes Streeting, to raise the capital gains tax (CGT) rate from its current level of 24 per cent for higher rate taxpayers.

But Healey has opted to reject those calls following concerns it would drive more higher earners to ditch the UK, according to Treasury sources.

London’s blue-chip index is set to extend Monday’s losses this morning after a bruising showing following tension in European bond markets. A bond-sell off hit Europe following tensions in France after the Prime Minister introduced a curfew to contain explosive riots.

Sainsbury’s is set to update the market on its latest numbers this week. But the City has one thing in mind: merger talks with Morrisons, writes Felix Armstrong.

Isembard’s Alexander Fitzgerald is on a mission to revitalise Britain’s high-precision manufacturing industry. Ali Lyon visits the company’s new London site to talk policy, patriotism and intergalactic growth.

Palladium has some serious credentials: Madonna launched her Confessions II album here during Paris Fashion Week this past June, two months after the hotel, restaurant and club opened. Charli xcx showed up for moral support.

Industrial action could be banned during major sporting events such as the Olympics, World Cup and Euros if a key amendment is passed in Westminster this morning.

The shadow sport minister, Conservative Louie French, will table an amendment to the Sporting Events Bill this morning that he hopes will stop “reckless union leaders who want to ruin fans’ fun and torpedo the economic boon from hosting competitions like the Euros”. 

Reforming the OBR will take courage, but it would well be worth it, writes Michael Martins in today’s Notebook.

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