PwC UK, Britain’s largest accountancy agency, has lowered workers numbers because it contends with a slowdown in its consulting enterprise and broader UK financial headwinds.
The agency stated it had taken the “robust determination to scale back roles” to be able to place the enterprise for sustainable progress, although it declined to reveal the precise variety of job cuts.
The agency reported a 3% decline in consulting income, which accounts for roughly one-third of whole UK revenues, contributing to muted firm-wide progress of 0.4% to £6.35 billion for the 2024/25 monetary yr.
Regardless of this, PwC’s UK revenue rose 20% year-on-year to £1.37 billion, largely attributable to price administration and operational restructuring, with companion payouts averaging £865,000, barely up from £862,000 in 2024.
Marco Amitrano, PwC UK’s managing companion, stated:
“Towards a difficult macro backdrop, we’ve proven resilience and brought decisive steps to place our enterprise for sustainable progress that meets the pursuits and expectations of all our stakeholders.”
He added that bettering market sentiment is supporting a stronger pipeline throughout the agency’s multidisciplinary portfolio.
The UK financial system’s contraction and authorities efforts to restrict public sector consulting spend have squeezed a key income stream for the Large 4.
PwC, which employs greater than 25,000 folks within the UK and over 370,000 globally, has offset among the consulting decline with progress in audit, tax, and offers advisory.
The agency’s UK headcount fell to a mean of 33,770 in 2024/25, down from 36,006 the earlier yr, whereas workers prices decreased from £3.32 billion to £3.15 billion.
Though consulting income fell to £1.98 billion, the tax, audit, and offers divisions recorded modest positive aspects.
PwC has additionally launched a “managing director” function, which observers counsel could also be geared toward sustaining senior management with out growing the variety of equity-holding companions.
The transfer follows a interval of serious hiring and growth in response to post-pandemic demand, which has since slowed as shoppers in the reduction of on discretionary consulting spend.
Recruitment tendencies mirror the shifting market. Accounting and consulting job vacancies in London rose 18% within the first half of 2025, in response to Morgan McKinley and Vacancysoft, indicating stabilisation in hiring regardless of general job reductions.
