Fresh figures from the Office for National Statistics which reveal a fall in vacancies have met with an industry warning that an urgent investment in skills remains vital.

The ONS Labour Market Review for December indicates that for September to November 2023 the estimated number of vacancies in the UK fell by 45,000 on the quarter to 949,000.

The latest report also shows vacancies fell on the quarter for the 17th consecutive period, the longest consecutive run of quarterly falls ever recorded.

Against this backdrop, Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce (BCC) said a clear warning can be read.

Ms Gratton told Punchline-Gloucester.com:  "While we may have fewer vacancies, we still have a major shortage of skills across our economy. This is holding back productivity and growth. So now is the time to redouble efforts to prepare, upskill and reskill the workforce for the changes and opportunities ahead of us."

Looking at the figures in more detail, she added: "Labour market data continues to send mixed messages, as vacancies trend downward, but unemployment and employment remain largely static and pay growth outstrips inflation."

These remain "challenging times for firms", she added, with the BCC's most recent forecast predicting that the economy will grow by just 0.6% in 2024 while business investment will contract by 0.8%.

"Government must do all it can to help businesses invest more in apprenticeships, technical education and upskilling people in work. Every day, employers are struggling to fill jobs, so it's essential that everyone who wants to work is given the opportunities and training they need to do so, urgently."

"The autumn statement included some welcome steps, but with the immigration system now looking out of reach for most businesses, the government must encourage investment in skills training and set out a stable, long-term strategy to support this.