
AI is already showing signs of slashing job openings in the UK
Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31 per cent in the three months to May compared with the same period in 2022, a McKinsey & Co analysis found.
But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs – like white-collar ones in tech or finance – dropped 38 per cent, almost twice the decline seen elsewhere, according to the consulting firm.
'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey.
The decline in job vacancies has been the most acute for occupations expected to be significantly altered by AI. Photo: Shutterstock Images
The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


South China Morning Post
5 hours ago
- South China Morning Post
Malaysia imposes trade permits for US-linked AI chip shipments
Malaysia will require trade permits for all high-performance chips meant for artificial intelligence ( AI ) and sourced from the United States , as Kuala Lumpur scrambles to negotiate down punitive American tariffs set to kick in on August 1. Last week, US President Donald Trump slapped a 25 per cent tariff on Malaysia, part of a broader move by the mercurial leader to address what he described as 'unsustainable trade deficits' that the world's largest economy faces with its trade partners. Trump's announcement came just weeks after Malaysia affirmed that it 'stands firm' against attempts to circumvent US export controls on chips to American rival China , following allegations that Chinese engineers had rented data centres packed with high-end Nvidia chips to train their AI model in the Southeast Asian country. On Monday, Malaysia's Ministry of Investment, Trade and Industry (MITI) said all exports, transshipments and transits of high-performance AI chips of US origin would need to come with a Strategic Trade Permit 'effective immediately'. The new regulation will require individuals or companies to notify Malaysian authorities at least 30 days before moving any items not expressly listed in the Strategic Items List (SIL) – which covers items such as goods and technology that could potentially be used for military applications. 'This initiative serves to close regulatory gaps while Malaysia undertakes further review on the inclusion of high performance AI chips of US origin into the SIL,' the ministry said in a statement.


South China Morning Post
7 hours ago
- South China Morning Post
AI is already showing signs of slashing job openings in the UK
UK businesses are dialling back hiring for jobs that are likely to be affected by the roll-out of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labour market. Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31 per cent in the three months to May compared with the same period in 2022, a McKinsey & Co analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs – like white-collar ones in tech or finance – dropped 38 per cent, almost twice the decline seen elsewhere, according to the consulting firm. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. The decline in job vacancies has been the most acute for occupations expected to be significantly altered by AI. Photo: Shutterstock Images The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls.

The Standard
7 hours ago
- The Standard
Bank of England chief warns top global banks against launching stablecoins
Bank of England Governor, Andrew Bailey gestures as he speaks at the Bank of England Stability Report, in London, Wednesday, July 9, 2025. Alastair Grant/Pool via REUTERS