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IT contractors to win big from London growth plans

If you work in London as a freelancer or umbrella company contractor in the information technology field, prepare for a massive boom going forward.

At least, that’s what the Confederation of British Industry says. The CBI’s latest London Business Survey found that the next five years is going to be packed with loads of opportunities for IT contractors and freelancers, as a full 69 per cent of firms based in the capital reported that the creative and technology-based markets in London are going to be instrumental in the economic growth efforts for at least the next half a decade.

This is of course fantastic news for anyone who works in those sectors, as it’s always good to know that you’ll be getting an opportunity to make hay whilst the sun shines. Economic recovery efforts in the UK are of course centered in the capital, and for a good reason considering how the entirety of the UK follows London’s lead; if business is booming in the capital then the knock-on effect of such affluence spreads in concentric rings out to the regions.

However it’s not all coming up roses, as there are some serious barriers that will need to be overcome in order to unleash the true potential of London’s tech and creative sectors over the next five years. There are several things that will need to be addressed, including issues such as corporate tax rates. The biggest problem though is understood to be the chilling effect the skills shortage may have, as there are few signs of it abating at the moment.

Thankfully, freelancers and contract workers are ideally positioned to flourish in such an environment – especially those that have the skills that companies are trying to find so desperately. Whilst qualified permanent employees might be more than a bit thin on the ground at the moment, London’s expert crop of self-employed Brits are finding it much more easy to satisfy the needs of firms looking to expand. The short-term effects of the skills shortage are thus mitigated, but the fear is that it won’t be enough to completely stem the rising tide of demand. A long-term skills shortage might cause the economic recovery to collapse under its own weight, even as freelance workers do their damnedest to keep the economy afloat until the permanent worker problem can be addressed.

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