Budget will cost substantial public sector jobs
The Guardian has reported that leaked Treasury forecasts reveal the loss of up to 1.3m public sector jobs in the next five years as a result of budget spending cuts. According to the report by economics editor Larry Elliot, the Treasury is forecasting up to 260,000 public and private sector jobs per year will disappear for the next five years. This somewhat alarming forecast is tempered by another Treasury forecast that the private sector could create up to 2.5m jobs in the next five years. Whichever forecast turns out to be the nearest to the truth, contractors are likely to be able to benefit. More…
Financial sector grows at fastest rate since 2007
According to the latest CBI/PricewaterhouseCoopers Financial Services Survey, UK financial services grew at its fastest rate since September 2007, although the rate was lower than analysts expected. An estimated third of IT contractors are contracted in the financial services sector in London and the South East, so any improvements in the sector’s fortunes is good news for contractors. What’s more, firms are looking to recruit, as CBI Deputy Director-General John Cridland explains: “The modest pick-up in activity in the financial services sector in the past three months fell short of expectations. But firms hope that activity will strengthen over the coming quarter and are now planning to expand their staff numbers.” More...
‘Exceptional’ oil find in North Sea largest since 2001
Wildcat drilling by EnCore Oil in the North Sea has discovered a new oil field that, when developed, could provide significant new opportunities for oil & gas, IT and engineering contractors. At an estimated 300m barrels, it is the largest find since 2001. Trade body Oil & Gas UK’s chief executive Malcolm Webb says: “EnCore Oil’s discovery could be hugely significant when compared with the average UK North Sea find which, over the last ten years, has been around 25 million barrels of oil and gas.” More…
Government approves new oil & gas field
Prospects for oil and gas contractors continue to improve as Energy Minister Charles Hendry approved the development of a new oil and gas field in the North Sea. This announcement coincides with record levels of interest in licensing areas of the North Sea for new development, the highest since the first round of licensing in 1964. More…
IT contractors still top Scottish demand league
IT & computing, engineering & construction and executive & professional are first, second and third respectively in the demand league for contractors in Scotland, according to the Bank of Scotland Report on Jobs. The strongest rise in available contracts was recorded in IT. Rates are still increasing, albeit marginally, and all the report’s indicators suggest that the Scottish labour market is strengthening. More…
Contracting abroad? Choose carefully where to live
Contractors looking to win overseas contracts should think carefully about where they want to live, as a new Cost of Living report by Mercer reveals some surprises in terms of living expenses. In a survey of 214 cities across the globe, measuring 200 items in each location, Luanda in Angola features top of the most expensive list, with Tokyo second and Ndjamena in Chad third. London, in seventeenth place, is the most expensive UK city, followed by Aberdeen. More…
Contractor-power to repeal IR35
The government has launched the Your Freedom website designed to generate ideas from the public that, according to the website, will 'restore Britain's traditions of freedom and fairness.' Contractors who wish to propose a particular law or regulation for removal can submit their ideas on the site. Website visitors are then invited to rate the idea and get them moved up the list. Not surprisingly, on day one of the site's launch, IR35 already has an entry. More...
Housing market stabilises in June
Contractors with property portfolios will welcome the news from lender Nationwide that the housing market has stabilised, with prices showing an increase of 3% in the first six months of the year. However, year on year growth has slowed, showing prices were rising faster this time last year. According to Nationwide Chief Economist Martin Gahbauer: “June presented a picture of broad stability for the housing market. The price of a typical UK property rose by a seasonally adjusted 0.1% month-on-month.” More...