The number of contractor opportunities in the financial services sector remains strong despite the current market uncertainty surrounding Brexit.
There has however been a steady decline in the rate of growth when comes to contractor vacancies – probably symptomatic of companies in the financial sector evaluating their structures following the UK’s vote to leave the EU.
It’s not an overly bleak picture though, and the number of temporary vacancies did rise by 1% in October 2016 over the same period last year. This is somewhat disappointing however compared to the 8% seen in September and the staggering 16% seen in August.
These figures come from the Association of Professional Staffing Companies, and Ann Swain, the organisation’s chief executive was quick to comment: “There is no doubt that the economy has been more resilient in the months since the Brexit vote than many commentators were expecting. In August, the Bank of England was predicting growth of just 0.1% in the third quarter - it actually came in at 0.5%. And we avoided the economic downturn in the second half of 2016, which many had predicted, as consumers carried on spending despite market uncertainty.”
Swain did add however: “As our latest data illustrates, the uncertain nature and timing of Brexit is now beginning to take its toll as we approach 2017. According to a recent survey of more than 1,000 firms by the Centre for Economic and Business Research, companies have abandoned plans for £65bn of investment since the Brexit vote.”
What does this mean for you as a contractor? Every sector does have its ups and downs, and with much of the headlines surrounding the Brexit vote leaning towards the side of ‘not as big effect as first feared’, a resurgence is wholly possible in the not too distant future.
But it is important to acknowledge that opportunities do exist out there, and that the recent high statistics weren’t going to last forever.
If you are contractor currently looking for a position and specialise in financial services, making sure you stand out from the crowd and quickly identify yourself as a great candidate to any would be temporary employer is key.
Should you want some peace of mind, we offer a full contract review amongst other services to help you prepare for IR35. We’ll give a pass or fail based on the current contract you hold, along with comprehensive comments on how to improve any problem areas.
For any further information or advice, please call us on 01163 800 400 or drop us an email. Alternatively, take a look around our Knowledge Hub for more IR35 advice, industry news and contractor guides.