UK Contractors

The UK’s Financial Picture Looks Pretty for Contractors

8 July 2014

A recent CBI / PwC survey into the health of the UK’s financial services sector has revealed a mainly positive outlook coming into the 2nd half of 2014. There were over 90 firms interviewed, with a vast majority predicting a steady increase in business volumes, increases in profitability and subsequent rise in new hire opportunities.

Jennifer Patterson from Umbrella.co.uk offered her views on how the survey findings could play out for the UK’s contracting community: “The bottom line here is hiring: will it increase, will contractors be amongst those to benefit? In our view, the answer is ‘yes’ to both of those questions. Indeed, hiring quotas are set to increase across finance, IT and marketing departments. UK firms are showing genuine confidence in longer-term economic outlooks, and many talk over strong investment in marketing and IT in the year or so ahead as they look to reach new customers, and reinforce existing relationships.”

The CBI / PwC survey showed raw data that was definitely encouraging, and can back up claims that contractors can look forward to increased working opportunities and rising wages. Look at the financial services sector for example, an area where talented self-employed contractors find a lot of need for their services. The survey showed that financial service firms envisage a marketing spend increase of 17% in the year ahead. IT contractors can also lick their lips at the prospect of 49% of survey respondents estimating an increase on capital IT spend in the next 12 months.”

“The driver behind these optimistic projects is improved economic performance, and genuine confidence in the sustainability of that performance. 37% of financial services firms see real positive and optimism in the overall business situation. When one considers the brutal legacy of the economic crisis – a legacy that is still ongoing and gestating today – seeing that percentage level of positive thinking is music to the ears of UK industry, and UK contractors.”

Umbrella.co.uk is a trading name of Umbrella-Company Ltd. Umbrella-Company Ltd is APSCo accredited, Professional Passport approved and are silver business partners with the Institute of Recruiters (IOR). For further information please contact umbrella.co.uk on 0800 121 6513.