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Contractors working in the construction industry are being urged to exercise caution amid a sharp rise in the number of construction firms going bust in the UK.
According to data from the Insolvency Service, an average of 266 construction businesses collapsed each month in the three months to October 2021.
Experts have blamed rising material costs and a shortage of skilled workers for the closures, which are most likely to affect specialist sub-contractors.
Most UK businesses plan to take on more contractors and freelancers in the next three months, new data suggests. The latest JobsOutlook survey by the Recruitment and Employment Confederation (REC) reveals that 98% of companies intend to maintain or increase the size of their non-permanent workforce during the next quarter.
2015 has seen some eye-catching headlines regarding the UK’s IT industry. Bold proclamations such as projections that London will trump Silicon Valley as the world’s tech capital within the next ten years, the growth of tech ‘clusters’ across Britain from Newcastle to Bristol, and the 65% jump in the number of new tech companies being registered in the UK.
