PwC cuts jobs as UK growth slows to 16-year low; profits rise

PwC, Britain's biggest accountancy firm, has cut jobs after reporting growth in the UK that fell to a 16-year low. The firm said it faced 'a challenging backdrop' and made 'the tough decision to reduce roles in some areas' as its UK business, which includes activity in the Middle East, posted a 0.4% revenue rise to £6.35 billion for the last financial year. It was the slowest rate of growth since 2009, during the financial crisis, and contrasted with growth of 9% to 16% in the previous three years. The firm did not disclose how many positions were cut.

PwC said its tax arm grew by 6%, while revenues at its consulting arm fell by about 3% as a slower economy dampened demand.


PwC employs more than 25,000 staff in the UK and more than 370,000 worldwide. The firm reported that annual UK revenue rose to £6.35 billion, up 0.4% for the year, the slowest rate of growth since 2009. The tax business grew; its revenues rose 6%, while its consulting arm saw a 3% decline as demand cooled.

PwC’s profits rose 20% to £1.37 billion for the year, while average partner pay edged up to £865,000 from £862,000. The company also noted resilience in a challenging macro environment.

Marco Amitrano, PwC’s global managing partner for the UK, said: 'Against a challenging macro backdrop, we’ve shown resilience and taken decisive steps to position our business for sustainable growth.'

PwC said it expects to bounce back as markets improve and that the cost-reduction steps were intended to position the firm for longer-term growth. It did not disclose the exact number of jobs cut, but emphasized the measures were taken in response to market conditions. The UK business remains a substantial employer, with operations spanning the Middle East as part of its regional footprint.

The results reflect a broader slowdown in demand for professional services in parts of the UK market, even as the firm maintains that it remains confident in its long-term strategy.