In a welcome statement this week, the International Monetary Fund has upgraded their prediction for the UK’s growth in 2014 to 2.4%.
The move sees an increase from the original prediction of 1.9%, making the increase in the UK’s prediction more than that for any other global economy. Further verification, say the Treasury, that the government’s economic plan is working.
The IMF added that they expect the Eurozone as a whole to increase by around 1%, indicating that the worst of the global crisis could finally be behind us.
According to Christine Lagarde, IMF Managing Director, however, there is still work to be done.
“Global growth remains below its potential, which we think is somewhere around 4 percent. A growing number of emerging markets are slowing down as the economic cycle turns.”
“Overall, the direction is certainly positive, but global growth is still too fragile, and too uneven. Moreover, it is not enough to create the jobs for the more than 200 million people around the world who need them.”
With unemployment still an issue, now could be the most fruitful time ever to capitalise on the position Contractors find themselves in, as specialised positions remain well-paid and in demand.
Lessons need to be learned however from past mistakes, to ensure that this is not a false dawn.
“The government must not withdraw measures to support growth immediately, certainly” says Taj Kang, Business Development Director at Contractor Mortgages Made Easy. “Whilst this comes as welcome news for the economy, we must ensure than the foundations upon which this growth has been built are solid enough for the short-term future as well as the long-term.”
“With the UK’s 2015 prediction by the IMF standing at 2.2%, they clearly recognise that factors such as unemployment will mean that the economy will not recover as quickly as it once regressed. Not only are the nation’s Contractors in an enviable position for work, they’re also an integral part of the bigger picture of public services in an uncertain time.”
Attitudes appear to be changing toward a workforce who were once condemned for their high earnings, particularly those being paid via public funds.
“With interest rates at an all-time low and business investment still weak, those without the right skills will struggle to find work and be able to budget comfortably for a time yet. Very few employees enjoy the freedom of choice that contractors have around who they work for and when, and finally people are realising that the appeal of freelancing is not just a financial one” said Taj Kang.
“Those who once lamented contracting, and the agencies who issued contracts, are now waking up to the logic behind it, and beginning to see the benefit to the employer as well as the Contractor.”
Article By: Taj Kang, Business Development Director at Contractor Mortgages Made Easy
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