• History

Growing confidence in economy 'good news for contractors'

Friday 1st June, 2018
Limited Company
UK businesses are feeling the most confident they have felt in the country's economy since August last year, according to a new report.

As a result, hiring is on the up at many organisations, and temporary workers in particular, such as limited company contractors and freelancers, are likely to find themselves increasingly sought after.

The Recruitment and Employment Confederation (REC) questioned 600 business owners on their current thoughts on the economy, finding that 30 per cent are feeling more confident about it at the moment than they were last year. Meanwhile, 29 per cent said they felt roughly the same.

Some admitted that they were still uncertain over the present state of the UK economy, but this is also working in contractors' favour, as 41 per cent of survey respondents revealed they were using temporary contract workers to navigate their way through uncertain times. This marked an increase of nine per cent compared to how many reported the same last year.

If limited company contractors show that they can add significant value to clients during these periods, they may find themselves being called back for future contracts or recommended to other firms within the same sector too.

Overall, 32 per cent of the businesses questioned by the REC said they expected to grow even more confident in Britain's economy in the near future, which would likely lead to them taking on even more workers.

Tom Hadley, Director of Policy at the REC, commented: "It is encouraging that employers are feeling more optimistic about the UK economy and that this is having a positive impact on hiring intentions of temporary staff.

"This underlines the importance of a vibrant temporary and contract staffing market in times of uncertainty and is good news for workers who seek more flexibility in their careers to fit around their studies or family life."

Recent news

London 'UK's budding entrepreneur hotspot'

29/05/2018 00:00:00
Posted by
London is home to the highest proportion of workers interested in becoming limited company contractors or freelancers in the UK.

Top 20 most in-demand contractor skills revealed

08/05/2018 00:00:00
Posted by
Blockchain has been named the number one most coveted contractor and freelancer skill of the moment in a new report from Upwork.

Why contracting could be the answer to presenteeism pressure

23/04/2018 00:00:00
Posted by
UK workers who feel pressured by a culture of presenteeism may benefit significantly from becoming limited company contractors, new research...