HMRC Payrolls Change measures the change in the number of payrolled employees in the United Kingdom during the reference period. It includes all individuals receiving remuneration through PAYE RTI, even those not actively working, such as employees on paid leave. This indicator provides insight into employment trends and is monitored as a measure of labor market health.
A higher than expected figure should be seen as positive (bullish) for the GBP while a lower than expected figure should be seen as negative (bearish) for the GBP.