Contractors remain optimistic about UK economy

(2 minutes to read)

Umbrella company contractors may be interested to hear that the Professional Contractors Group (PCG) have released their latest Freelance Confidence Index.

According to the PCG, self-employed people should ‘buck the trend for wage stagnation over the next 12 months’ as day rates for contractors and freelancers are expected to rise.

Other key findings from the Freelance Confidence Index include:

  • The average length of time that contractors/freelancers were out of contract over Q2 2014 is just under two and a half weeks.
  • Almost a third of contractors/freelancers saw an increase in contract availability in the last quarter.
  • Contractors/freelancers are more optimistic about the economy when looking forward 12 months rather than the next 3 months.
  • Contractor opportunity is concentrated in London and the South East, with roughly half of all work undertaken by contractors happening in these areas.

Georgios Nikolaidis, Economic Policy Adviser at PCG commented, “While pay in traditional employment continues to stagnate, a widening skills shortage in freelancer-rich industries has driven strong demand for independent professionals. Businesses are increasingly utilising highly specialised freelancers to cover for skills unavailable in-house and this trend is expected to continue in the months to come.

“In turn, freelancers allow for further job creation by limiting the risks of expansion and facilitating innovation. As the economy grows freelancers will continue to propel growth by offering businesses operational flexibility and the ability to manage risk.

“We have seen almost half a million more people choose to go into self-employment over the last year and this rate of change is only set to continue as individuals and businesses wake up to the benefits of independent working.”


Lisa Keeble is the Managing Director for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual.
Learn more about Lisa on Google.


 

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