We’ve found ourselves reporting a slightly manic-depressive pattern here at Contracting Made Easy, as assessments of the UK economy – and the prospects for contract jobs in particular – swing wildly from gloom to bullish optimism on an almost daily basis. Today, it appears that the optimism is winning.
At odds with the dire forecasts pouring forth from politicians and pundits alike, the British Chambers of Commerce – a rather dour and pragmatic body – has just revised its economic forecast upwards. It now expects the UK’s Gross Domestic Output to rise by 1.7 per cent in 2010 and by 2.2 percent in 2011. Both figures are significantly higher than just about all previous forecasts – the BCC’s own earlier predictions had been a mere 1.3 per cent rise for 2010 and 2.0 per cent for 2011. The new figures are good news for contractors working through their own Ltd Companies or for umbrella companies – a faster recovery means more work for both.
The BCC’s Chief Economist, David Kern, explained that, against expectations, the UK economy was actually very strong in the second quarter of 2010; it’s safe to assume that growth in the second half of this year will remain “very satisfactory”.
The trends appear to support his down-to-earth optimism: the recession officially came to an end between October and December 2009 with a quarter of 0.4 per cent economic growth. The two following quarters have continued to see increased output. Maybe it’s not quite time to buy a Ferrari but at least the BCC has offered a few more reasons to be cheerful.
