‘Political’ Budget fails to impress…
The good news from the Budget is that IR35, income shifting, umbrella expenses and National Insurances Contributions on personal service company dividends don’t get a mention. The bad news is that contractors, and the population at large, will once again suffer the ‘tax of a thousand cuts’ as stealth increases eat away at personal allowances. Many contractors are likely to be hit by fuel duty increases, the 50% top rate, the limit on pension contributions and the erosion of high-earner allowances. More…
…but a silver lining for green collar, energy and oil/gas contractors
The creation of a £2bn green investment fund with offshore wind as its first target will potentially create tens of thousands of green collar and energy contractor opportunities. In addition, many of the offshore engineering skills developed for the oil and gas sector are likely to be in greater demand by wind and wave power generators on the UK’s Continental Shelf. On top of this, tax breaks for oil firms to exploit remote deep-water oil and gas fields West of Shetland will demand highly specialised extreme engineering and IT contractors. More…
CBI warns of sluggish recovery
Uncertainty over the strength of the economic recovery could work in favour of contractors as firms hire for the short term. In its latest forecast, released before the Budget, the Confederation of British Industry warns that economic recovery will be fragile and sluggish throughout 2010 and below recent trend levels. Growth is predicted to pick up in 2011 and is due to end 2011at 3%. More…
Contractors’ key role in emissions reduction
Engineering contractors play a key role in each of the four scenarios described in a new report from the Royal Academy of Engineering. Generating the Future: UK Energy Systems fit for 2050 claims that no one solution will achieve the 80% emissions reduction targets. Chair of the RAE’s energy scenarios working group, Dame Sue Ion, explains: “It takes decades to prove and roll out large-scale major infrastructure so only those low-carbon technologies we already know of can help us to meet the 2050 targets.” More…
Space agency launch likely to benefit contractors
The UK Space Agency has been launched to coordinate activities in a sector expected to generate 100,000 jobs in the next 20 years, with many to be filled by contractors. “The space industry is growing three times faster than the rest of the economy and will make a major contribution to the UK’s future economic success,” says Pam Alexander, Chief Executive of the South East England Development Agency (SEEDA). “The sector is already growing strongly in the South East and London, delivering high-quality, hi-tech jobs in telecommunications, security and navigational systems.” More…
Green economy and contractors
Finance, marketing, IT and management consulting contractors all have a major part to play in integrating the UK’s professional and business services sector into the green economy. These services – which account for a staggering 20% of UK GDP and 13% of the nation’s jobs – are the topic of a new discussion document released by the Department for Business Innovation and Skills. According to Trade, Investment and Small Business Minister Lord Davies: “Britain, and London in particular, is a global hub for professional and business services. The sector is a real asset to the UK as we transform to a more networked and smarter low carbon economy...” More…
Recruiter body launches manifesto
Harnessing the UK’s highly skilled and flexible workforce, of which contractors are a core component, will deliver growth and prosperity. This is according to the Recruitment and Employment Confederation’s new manifesto aimed at the next government. “Our members make the UK labour market work,” explains the organisations’ Chief Executive, Kevin Green, who says that REC and its members will “create prosperity, enhance opportunities and deliver the jobs of the future”. More…
Published: Friday, March 26, 2010
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