New OTS Data Indicates Clear Contractor Opportunity
It’s great to see new employment figures from the Office for National Statistics, which show that we are currently at a rate of 74.5%. That’s a record high, with an increase to a level which means that around 31.8 million people in the UK are now gainfully employed. It’s also a jump of 2.8 million since the beginning of the decade.
Between July and September of this year, unemployment figures went down to their lowest point since 2005 – to just 4.8%, which is 900,000 less than 2010. At the same time, the most recent Labour Market Report also found that that pay rates had increased during the same three month period, when compared to this time last year – showing an average rise of 2.3% across the country.
All of this does of course mean that limited company contractors, along with everyone else who works in the UK, can take advantage of a steady increase in both opportunity and likely financial benefit – which can only be good news as we start to look ahead to what 2017 might bring.
Female contractors may also be interested to note that the number of women who are currently working is also at a record high of almost 70%. Something which is generally believed to be as a result of more women choosing to set up their own limited companies, in order to improve their work/life balance by working more flexibly.
It’s good to note also that the younger generation has clearly seen the benefit of a contracting lifestyle, with an increase of some 350,000 young people taking on their first contracts since 2010. Coupled with the new findings around women in the world of contracting, this makes it clear that there are more opportunities for all – regardless of gender or age bracket.
Commenting on these new statistics, Employment Minister Damian Hinds said, “Yet again we have a strong set of figures, with employment continuing to run at a record high and unemployment falling to an 11 year low. The measures we have taken have put our economy in a position of strength, and we will work to ensure more people can benefit from these opportunities as we build a country that works for everyone.”