The manufacturing industry within the UK has been a sector that has endured a relatively bleak time during the recession months, and which now appears to be experiencing a rather welcome revival. This reversal in fortunes has been evident in many ways, but recently it has manifested itself in the form of the strengthening value of the British pound coin.
According to an article from BBC News earlier this month, the pound has actually risen to a high that hasn’t been seen for almost 5 years (when compared against the dollar), and a huge part of this unexpected upward trend has been the scale of growth within the UK manufacturing industry. Manufacturing has enjoyed what has been described as a ‘robust’ start to the year, yet the expansion in April was beyond all projected expectations, with the PMI figure being listed as being at a 5 month high.
Apparently, manufacturing fortunes have improved almost across the board, and the bettering of UK unemployment figures (over the last 12 months in succession) owes an awful lot to the (on average) 10,000 extra jobs that manufacturers are creating each month. Approximately one tenth of the UK’s economy is dependent upon manufacturing in some shape or form, so the future of manufacturing is instrumental within the future prospects of the economy as a whole. Thankfully, the current positive situation looks set to continue over the coming months.
The UK’s economy is clearly looking more and more stable, and more importantly appears set to retain that stability for quite some time. Such an environment is of great benefit to everyone, and contractors certainly have a lot to gain from this market. As well as more prolific job opportunities within sectors like manufacturing, the expansion of the job scene also provides more chance of career movement, so not only is it a good time to enhance the flexibility of your contracting, but it is also a sound situation to move into contracting from scratch too.
Here at ICS, our professional contractor accountants will enable you to get the most out of your contracting. Using proven administration, accountancy and payroll services, we can be of assistance whether you are a new contractor exploring your options for the very first time, or an old-hand who wants to streamline your existing business practices. If you’d like to learn more about how we can help you, please contact us by emailing email@example.com or calling 0800 195 3750.