Liberty Bishops Director, Marc Scott, comments on the positive economic outlook for 2014 and presents a strong case as to why there is an increasing demand for contractors in the UK marketplace.
Since 2008, Britain has been through an avalanche of economic turmoil. The ‘Great Recession’ and the ‘double dip’ have caused the UK’s GDP to shrink; affecting consumers, companies and the state. However, things have been looking up as last year the UK economy grew by 1.9%, the strongest rate since 2007 according to the ONS. New government policies have managed to keep businesses competitive and as a result, 450,000 jobs were created last year alone (BBC, 2014).
As the UK’s leading umbrella and payroll service for contractors, the recent figures revealing 2014’s economic growth levels is music to our ears. Being the fastest growing economy in the West, Britain is predicted to outstrip Eurozone rivals by growing 3%, having a positive knock-on effect for temporary workers.
Areas of High Demand
With the economy inclining steadily, different sectors are experiencing an increased demand for contractors. The financial market is one of these areas and so prospects for finance, accounting and financial IT contractors are on the rise. In 2012, the computer industry was a massive employer, securing jobs for 558,000 people and the creative industry (Film, TV, music and software) was second best recruiting 238,000 employees (DCMS, 2012).
It seems that 2014 is the perfect time for contractors to be in the temporary work force as not only is the demand for temporary contracts increasing, hourly pay rates for agency workers are also on the rise. Recruitment agencies are struggling to pin down contractors with the right qualifications for the job, moreover producing a shortage of skills and a need for more contractors.
We have gathered statistics from ICAEW (2013) on which market sectors show the most promise for employee growth in the next year.