Downbeat Economic Forecasts Are Likely due to Increased Competition
There seems to be no shortage of available contracts and no need for any panic in the ranks, despite how some of the latest reports may read.
A steady increase in the number of professional contractors entering the marketplace in the United Kingdom is one of the main reasons behind an unexpectedly gloomy assessment of the overall economy in a recent study.
Many of the contractors polled believe that the economy is still relatively strong, but the ratio of those who believe that a slowdown is on the cards is increased when we compare the second quarter of this year to the first.
Professional Representation Network does believe that such a change in freelancer confidence can be put down to increased competition. When you consider that the number of freelancers in the UK market has increased considerably over the last three years this can itself have a bearing on how the market is viewed.
Certainly, there are a number of forces at play in the wider economy as a whole. For example, the Bank of England is starting to make noises about a potential interest rate hike and noises are being made about the rate of inflation too. As always, competition from continental marketplaces continues to have its own impact.
There is a tendency for analysts and observers alike to talk in terms of a dark lining to a silver cloud, so to speak. This is mostly due to the continued after effects of the last recession. Nevertheless, Professional Representation Network wants to remind everyone that contractor pay rates remain at high levels and are expected to do so for the next year. There seems to be no shortage of available contracts and no need for any panic in the ranks, despite how some of the latest reports may read.
In fact, only one in 10 contractors imagine that there will be a reduction in the number of contracts across the marketplace, while 45% anticipated there will be a surge.
Whenever a contractor takes on the services of a professional representative there are various value-added benefits. One of these benefits is the base level of knowledge and experience that a representative is likely to bring to the table. Due to the amount of information that they’re exposed to on a daily basis it’s likely that they will have a very educated view of potential changes and how they will affect the look of the economy for months ahead.
The Professional Representation Network is a complete contracting provider, providing a variety of services to contractors from varying industries around the world. They identify opportunities, negotiate contracts and provide support to contractors at every stage of the relationship. Relying on 40 years of experience in consulting and representation and access to an established network, Professional Representation Network brings passion to help develop a contractor’s professional life.
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