Call us today

Labour shortages could impact UK’s economic recovery, says experts

Get in touch today - call Kent on 01634 570 390 or Surrey on 01737 370 493

Book a FREE consultation

If you would like to get some impartial advice, simply book a free consultation and we'll get in touch with you as soon as we can.

Labour shortages could impact UK’s economic recovery, says experts

A recent report on the latest business trends suggests that despite the surge of hiring among UK firms in July, the lack of working employees could still threaten the UK’s economic recovery.

These staff shortages are a result of Brexit and pandemic-related factors, says the study. Although the easing of lockdown has encouraged many workers to branch out, companies are still struggling with a lack of employees.

COVID’s impact

The report also revealed that the job market flourished as restaurants and bars opened without restrictions enforced due to the COVID-19 pandemic, such as customer capacity limits.

However, many companies reported labour shortages due to Brexit and being told to self-isolate by the NHS Covid app. As a result, workers became worried about their circumstances and managers about rising costs. Plus, many wages rose too.

Brexit’s impact

Overall charges for companies went up due to the UK’s exit from the EU, as issues arose from importing goods. Plus, a lot of pressure was added onto global supply chains. Additionally, these factors impacted employees’ wages – many increased to retain and attract talent, and signing-on bonuses of up to £10,000 were introduced to entice candidates.

The Bank of England predicted last week that unemployment had peaked, and with a tight labour market that has left employers grappling to take on workers. It also forecasted inflation to hit a 10-year high of four per cent by the end of 2021.

If you need help with related issues, please contact us today to see how we can help, whether it is for general advice or recovering after the lockdown. 

Top

Urgent COVID-19 Notice
Working From Home

Our first priority is the health and well-being of our team and our community. Therefore, with a heavy heart we have made the decision to temporarily work from home with immediate effect.

We are listening to the government’s daily updates, taking each day as it comes, and will reopen our offices as soon as it is safe to do so.

If you have any questions or need to discuss any issues at all please do email or call us on our usual number 01634 570 390.

The general email is enquiries@orchardaccountants.co.uk.

We hope everyone is keeping well and staying safe.

This website uses cookies to enhance your browsing experience... moregot it