Has Reeves tax gambit failed?
The UK economy contracts 0.3% amid job cuts and tax hikes. High earners are leaving, companies are downsizing, and urgent reform is needed to avoid deeper decline.
Tax – UK Finance Labour Market Trends Report, April 2025
Britain’s tax job market is surging amid sweeping 2025 policy changes, with tax vacancies up 14% year-over-year as employers race to adapt to rising NI contributions, new VAT rules, and the end of the remittance basis. Regional demand now outpaces London, accounting for 61% of projected openings nationwide.
Labour’s tax dilemma
The impact of the budget on tax recruitment is apparent. March 2024 was the record month for tax vacancies going back to January 2019, beating even the peak post pandemic months in 2021. At the same time, in a recent report featured in Bloomberg, the UK is set to see 9,500 millionaires repatriate away, which is more than any other country globally, with the exception of China.
Croner-i: Demand for tax specialists up by 40%
Personal tax vacancies have experienced the most significant growth, with a fivefold increase in the monthly average compared to 2023. London remains the largest area for vacancies overall.
Fintech – UK Finance Labour Market Trends Report, May 2024
VC funding into the technology industry is on the rise again, bringing relief to policymakers. In the UK, FinTech is a major beneficiary of this increased investment, which is directly translating into heightened recruitment activity. FinTech stands out as the best-performing segment within Financial Services this year. If the current pace of recruitment continues, the number of FinTech vacancies in 2024 will be 36.7% higher nationwide compared to last year.
