The 2014 budget has been announced by Chancellor George Osborne, but how does this translate to the recruitment industry and what can we take away from it about where recruitment will grow?
Mr Osborne said his ‘central mission’ was to have economic security and he unveiled several measures to help assist in this endeavour.
One of the major outlines for the budget was that the Chancellor planned to increase the competitiveness of the UK, which was emphasised by the strong focus on helping the manufacturing and export industries.
One of the key points was the £7bn package that will be given to manufacturers and other businesses to help reduce their energy costs by up to £50,000 per year. This has been well received by the industry and is viewed as a strong starting point in which to see further stability and potential growth for the industry.
Combine this with the announcement by Osborne of a 100,000 new apprenticeships scheme and you can see the potential growth in employment which could be set to increase.
Also, a package worth £3bn for exporters was announced to help them compete effectively for contracts. This will no doubt help reassure current employees whilst also giving positive signs that, once overseas companies begin buying in higher demand, the need to increase workforces will become necessary.
In addition to the strong emphasis on manufacturing and exports, the Chancellor also said that Britain needs to build more and announced a £500m finance to small house-building firms. This should lead to an increase in construction jobs throughout the UK.
However, not all recruitment related budget news was aimed at these labour style sectors. There was also a reform to the Air Passenger Duty for all small airports. This news will mean smaller airports will be able to compete and attract more airlines to use their services which will help drive local tourism and hospitality businesses, therefore fuelling more jobs within the surrounding area and thus helping boost regional economies.
Described by Mr Osborne as a budget that was for the “makers, doers and savers”, it’s fair to say that it shows great promise to help boost the employment rate, stabilise the economy and slowly reduce the borrowing of the government.
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