Partner Article

Positive momentum for UK economy and job market

Economists are predicting the UK economy has turned a corner, with a 0.6 percent growth in the second quarter boosting business optimism.

With a growing economy and both business and consumer confidence on the rise, an increased demand for overseas contractors is also expected.

Oncore UK General Manager and Finance Director Andy Myers says the continued economic growth is good news for local business and also for overseas contractors wanting to experience the UK.

“As the economy continues to grow there is likely to be an increase in project and infrastructure investments, which will result in more employment opportunities and a greater demand for contractors.

“We have already seen a change in the employment market in recent years, with a rising need for contractors over permanent staff, and the latest economic figures should result in an increase in this demand.”

The Q2 growth was double that of the first quarter, with the four major service sectors - construction, industrial, production and agriculture - all posting increases.

Mr Myers says many businesses had reported they were planning to take on extra staff before the end of the year and the latest results would only strengthen this.

“Now is a good time for skilled workers thinking of living and working overseas to relocate to the UK and benefit from the economic climate and the additional jobs that will be created as a result of this recent growth as per one of contractor management company.”

The unprecedented level of growth in the three months to June has led three of the top UK economists to be cautiously optimistic that the country has climbed out of the recession and will continue to do so.

“The term being used is ‘escape velocity’, which means the UK economy has continued to grow at a steady rate despite a eurozone recession and austerity measures. It is believed we have reached a turning point and the economy will accelerate from here,” Mr Myers says.

He said the latest results show that the economy has not only been performing strongly but is set to continue its momentum for the remainder of the year, with economists predicting GDP may reach 2.0pc or more in 2014.

“The UK is well on track to recovery and there has never been a better time for contractor management systems to take advantage of the employment management opportunities available as well as the chance to experience living in the UK.”

This was posted in Bdaily's Members' News section by Tristan T .