For the past year, the British economy has surpassed pre-recession ‘peak’ economic markers set 7 years ago. The UK economy is now bigger than ever before and rapidly building momentum. The Chancellor, George Osborne has just released his pro business budget designed to support the continued growth of this diverse economy but also act as a blue print to a more balanced modern UK society. Sustainable long-term growth depends on increasing the contribution of business investment and ultimately the UK’s ability to export. The British export market is equally diverse, made up of a combination of commodities, services and finished goods. However, flagging commodity export values mean that services and goods become increasingly significant and the latter key to balancing the distribution of wealth.
Manufacturing businesses have the potential to stimulate substantial growth in the UK economy but they need to be supported by an appropriately skilled workforce. The UK has a significantly skilled and educated population but employers are citing difficulties in finding the right candidates for skilled vacancies from all tiers of the hierarchy; entry-level trained technicians to senior managers. This shortage of suitable job applicant causes delays in developing new products and services demonstrating the tangible effects of the skill’s shortage in Britain. Failing to meet this workforce shortage will have a direct effect on the momentum of the economy as a whole. Whilst changes in education are already in place to promote Science, Technology, Engineering and Mathematics at schools, colleges and Universities; in the short-term skilled workers need to be found to fill vacancies without compromising overall performance and market capture.
The intricate and dynamic demands of industry over the next 10 years are unclear but the risk of not immediately filling skill gaps is certain. The UK already has many businesses that can be mobilised to its advantage coupled with competitive product markets, flexible skilled labour and a world-class supply chain. As always technology and innovation will be key drivers of sustainable growth but access to skilled workers supplied in real time are essential to unlock the UK’s full growth potential.
Visit the updated UK shortage occupation list to see the diverse list of professional skills that effect the growth of UK companies. You can also visit our Business Immigration page or alternatively call us on 0207 836 8505.
