Increased demand continues in IT, engineering and construction
The Monster Employment Index for August shows a 1% increase following a slight dip in July, indicating that online demand for workers in the UK is on the up again. The core contracting disciplines of IT, engineering, construction and interim management, marketing and finance all show an increase, which in the case of IT end engineering has been sustained for three months. Monster UK & Ireland MD Julian Acquari says: “Through the second quarter there was positive news in the economy, including an uptick in manufacturing and construction as well as a rise in consumer spending.” More…
HMRC’s management of income tax approaches meltdown
Against a backdrop of widespread PAYE coding errors and IT system failures, the overly complex top rate of tax and tapering personal allowances for those earning over £100,000 is coming back to bite HMRC, and the Treasury. The latest HMRC Employer Bulletin confirms that 2010-2011 tax codes do not account for the 50% and that, as also confirmed in the national press, many higher and top rate taxpayers are almost certainly not paying the correct amount of tax. More…
PCG opens bookings for keynote lecture on National Freelancers Day
‘Freeing up Potential’ is the theme of the PCG’s Inaugural Freelance Lecture to be held at Stationer’s Hall in London on 23rd November, this year’s National Freelancers Day. Delivered by leading futurologist, broadcaster and freelancer Dr James Bellini, the lecture will highlight the changes thrusting contractors and freelancers into a more pivotal role in the UK economy. It will be followed by what is sure to be a lively debate. More…
Renewed contractor confidence in finance sector
According to research by giant group plc, 30% of IT contractors see the financial services sector as generating the greatest number of IT jobs in the coming year. This compares to only 9.4% of IT contractors who view the public sector as the largest consumer of IT workers. Much of the investment in IT systems is being driven by regulatory pressures, as giant group’s MD Matthew Brown explains: “Financial services businesses are adapting their front office systems to the realities of the post-credit crunch world. They are facing huge regulatory pressure to make transactions more transparent and improve risk monitoring.” More…
Agency recruitment following sustained manufacturing recovery
Contractors are directly benefitting from the sustained growth in UK manufacturing, according to the Third Quarter EEF/BDO Manufacturing Outlook Survey. Output and orders are reaching record levels, in part driven by increased exports. The report says there has been an upturn in recruitment, noting that “anecdotally, this is being driven by temporary or agency working, which will give employers flexibility should demand begin to slow”. More…
Green investment to boost economy and contractor fortunes
According to Secretary of State for Energy and Climate Change Chris Huhne, the macro-economic impact of a programme of investment into power generation infrastructure, such as wind turbines, could negate the negative effects of government spending cuts, as well as providing new work for engineering and offshore contractors. As reported by Reuters, Huhne said: “On a back-of-envelope calculation ... the programme has the potential, if we deliver it, of offsetting the demand-restrictive effects of some of that fiscal tightening, equivalent to 1.5 to 2 percent of GDP.” More…
Irish contractors who default on tax are ‘named and shamed’
Irish Tax and Customs recovered a whopping €120m in tax, interest and penalties as a result of audits and investigations in the three months to 30 June 2010. The name of every taxpayer that received a fine or penalty in the period, plus those who voluntarily agreed a settlement with the Irish Revenue, including those subject to investigations into offshore funds, has been published online. More…
Employment figures show massive private sector job creation
The number of employed workers in the UK increased by 286,000 in the three months to July, which represents the largest quarterly rise since records began in 1971, according to the Office of National Statistics’ latest Labour market bulletin. However, the number of people on benefits rose, suggesting that many of the jobs were filled by the economically inactive, or those unable to claim benefits in the short term – a description that includes many contractors and freelancers between contracts. More…
Consumer confidence defies media sentiment
Despite the doom and gloom of the media, consumer confidence has risen for the first time since April, according to the Nationwide Consumer Confidence Index for August. Crucially for contractors supporting sectors such as retail and consumer goods, spending confidence has also risen. The Consumer Expectations Index, measuring consumer confidence in the future economic situation, has also risen, reflecting improved sentiment towards the level of household income in six months time. More…