Encouraging economic growth has yet to translate into more hiring, with businesses in no hurry to advertise vacancies and with the number of available candidates rising sharply, a survey shows.

The number of open roles in Britain contracted by nearly a fifth in the course of a year, falling to 852,703 in June, according to Adzuna, the jobs search site. Over the past month the number of vacancies dropped by almost 0.2 per cent.

The figures demonstrate that companies remain cautious about expanding their workforces under pressure from high interest rates and weak consumer spending. The Bank of England has lifted its base rate to 5.25 per cent, a 16-year high, putting pressure on household and businesses finances.

“The positive economic growth that has been