Unemployment rate falls steadily – but what does it mean for the tax jobs market?
Published about 5 years ago by F F
In the last week, the government has announced that the
unemployment rate has fallen to 7.1%, with a quarterly drop of 167,000 people.
This is the largest decline since 1997 and the second largest since records
began. This news has surprised economists who believed that the unemployment
rate would continue to reduce, but at a slower rate – possibly reaching less
than 7% by 2016.
The Office of National Statistics data also shows that the
number of people in work has now increased to 30.15 million, a 280,000
increase. The percentage of working age people in employment has now reached
72.1%, an increase of almost 1%, while the number of those no longer looking
for work has also fallen to 8.93 million.
While the positive effects of this news are yet to be felt
by the average household, for those looking for a new tax career or wishing to
negotiate for a salary rise, this news could be very welcome.
The most recent research at Creative Tax Recruitment has
indicated that the future looks very optimistic for the taxation sector in the
profession. In fact new tax opportunities in particular are improving
significantly according to our research.
• Close to
two thirds of the clients we have spoken to have indicated that they would be
recruiting in 2014.
• 80% of the
clients we have spoken to have indicated an increase in business and an overall
This optimism is further enhanced by the fact that the Bank
of England have assured the public that interest rates are unlikely to increase
for at least another year – despite the threshold of 7% unemployment being on
the horizon. The Bank of England has stated that they want to encourage
recovery before interest rates begin to rise once more. This has to be good
news for any business wishing to expand.
With more lending coming from banks, an improving housing
and construction sector, a rosier manufacturing sector and improvement in
employment, it does seem as though it is the perfect time to take the plunge
and see what jobs are available in the taxation recruitment market.