To tie in with our 10th anniversary, here’s our review over the past 10 years, how the credit crunch affected the lending market and the direct impact it has had on unemployment in the UK, as well as our predictions for the beginning of the next decade.
And what does the next year look like?
It is predicted that there will be some growth, although at a slower pace due to the continued uncertainty around Brexit, with the Prime Minister proclaiming it’s the end of austerity for the UK whilst the BCC downgrading economic growth in the UK from 1.4% to 1.3%.
The unemployment rate is predicted to remain close to its 40-year low, with the jobs market being expected to continue to be a source of strength for the economy. We have noticed the trend of increased employment over the last few years, with fewer potential candidates immediately available for work.
Businesses are likely to face significant skills gaps, which may hinder their potential to grow. Companies may look to employ increased numbers of temporary staff to support growth in the short term, however, roles which require specialist qualifications or technical skills make take longer to fill and may need to offer more competitive salaries or look to “home-grow” talent. Workers are unlikely to experience real wage growth as the gap between pay and price growth is forecast to remain negligible. Again, those in more specialist roles may see their industry wages increase to attract and retain the best talent.