Recently on our blog, we have reported how the UK manufacturing industry has been strengthened with both further investment from a private equity firm, and also a predicted rise in recruitment, as the drive for a higher headcount becomes ever more prevalent. Such announcements are clearly very optimistic in nature, and now the situation is looking even more positive due to the very latest news. Naturally, the budget forms the cornerstone of these new developments, and the Government has committed to boosting the energy-intensive sector of manufacturing in the forthcoming months.
Chancellor Osborne spoke at length about the need to further enhance the UK economy, and one amendment designed to achieve this was a proposal to slash energy costs within the manufacturing industry. The high price of this energy has been pinpointed as a fundamental concern that is preventing the growth of UK manufacture. In addition, extra support has also been pledged to the oil industry, although the exact nature of these changes has been met with somewhat mixed reception. The efficiency of the oil extraction process is intended to be maximised, yet other alterations to tax laws could well result in the price of operations in UK waters being significantly increased; a situation which could prove detrimental.
Overall though, the new energy assistance that has been raised by the budget has been welcomed as a key development in keeping manufacturing jobs within the UK. The current scale of UK projects that relate to the world of manufacturing – and the offshore industry in particular – can also be seen from a current BBC News article. This relates how £310 million is being invested into the production of UK wind turbines, and over 1000 new positions are set to be created by this initiative. Such jobs are likely to require highly refined skill-sets, and contractors, who have long relied upon the offshore and manufacturing industries as staple workplaces, are likely to be in high demand as a result.
Contractors are already experiencing the benefits of a manufacturing industry that has grown at its fastest pace for almost three years, and both established and fledgling contractors have a lot to look forward to in the coming years, with an abundance of opportunities on offer. The prospects are bright, and here at ICS we can help you to get even more out of your chosen career path. We are dedicated contractor accountants and have been offering tailored accountancy and payroll services to contractors and freelancers for the past 12 years.