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UK employment rate in private sector falls to lowest in a decade

Employment levels in the UK’s private sector have dropped to their lowest in a decade with hiring decisions affected by uncertainty over how the economy will fare at a time of high interest rates and weak consumer demand.

The employment index from BDO, the accountancy and business advisory firm, dropped for a seventh month in a row to 98.77, its lowest point since August 2013 when the economy was still reeling from the global financial crisis.

Deteriorating hiring conditions reflect the depressed economic environment, with Britain’s annual GDP growth expected to remain low this year at 0.6 per cent. The economy is likely to have expanded only 0.5 per cent last year, with figures to be released on Thursday set to show that the economy