Mixed Picture For The Uk’s Economic Recovery
by Liz Seyi Digital marketing managerMultiple
reports in recent days have pointed to a potentially unsteady resurgence in the
UK economy in the months ahead. The Guardian,
for instance, has cited a business trends report from a professional services
firm, indicating that worker shortages related to the COVID-19 crisis and
Brexit could effectively hold back the national recovery.
This is despite an encouraging picture for employment,
the report finding that the jobs market improved during July as lockdown
restrictions were lifted and firms hired.
What else
are we learning about job-market developments during July?
Last month was a key one in the UK’s ongoing recovery from
the coronavirus pandemic, and certainly for many businesses calling upon Payroll Services In Plymouth and Wellington like those of
Britebooks.
Sure enough, the professional services firm referenced by
the newspaper observed that July saw a scramble for workers, with this in turn
exerting upward pressure on wages and leaving bosses concerned about
ever-increasing costs. Labour shortages were worsened by factors like staff
being alerted to self-isolate by the NHS COVID-19 app, and the effects of the
UK’s departure from the European Union (EU).
This all contributed to the firm’s employment index
climbing by 1.57 points during the month, from 106.05 in June to 107.62 in July
– equating to the strongest pickup in recruitment so far in 2021.
However, business optimism dropped from the record high
seen in June, and the firm’s inflation index for July – which monitors price
rises – wasn’t far shy of the figure for June, which had been the highest in
four years.
As global supply chains remain under pressure and
struggles have been observed in the import of goods and materials in the wake
of Brexit, employers have also forked out more money to land and retain the
best talent.
Optimism for
the future – albeit split along regional lines
A different survey from another company further indicated
the continued mixed prospects for the UK economy. The poll found that two
thirds of the country’s small businesses felt positive about the UK economic
outlook over the coming 12 months, with over half of firms intending to take on
more staff.
However, a clear regional split was seen in this regard.
While, for instance, seven in 10 (71%) London and south-east firms were
positive about the UK economy going forward, this measure was only 60% for
Scotland, and 59% in the north-east, north-west and Yorkshire and Humberside
regions.
In a climate of guarded positivity, it is crucial for UK
firms to reach out for the right sources of support and guidance. Britebooks’
own easy-to-use, but also sophisticated and affordable payroll services in
Plymouth or Wellington could greatly help your business in this regard.
Get in touch with us now at our Devon or Somerset offices, and we will
be pleased to outline to you how our complete service could give you a lot less
to worry about as you manage your business through the opportunities – and the
storms – in the months ahead.
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Created on Oct 21st 2021 07:51. Viewed 101 times.