Updated Cookies Policy - you'll see this message only once.
The past decade has seen arguably the greatest shift in employment models for a generation. Technology has in part driven a de-centralisation in employment in a way not seen since the mass-privatisations of the 1980s in the UK.
Back then we saw public sector employment peak at over 7m in 1979; just a decade later this had fallen to less than 5.8m and would carry on falling until the turn of the century1.
Fast-forward, and instead of a move from public to private sector, we’ve seen a huge shift towards self-employment in the UK. Since the turn of the century, the number of self-employed has soared by 43% to the start of 20162, with the latest ONS figures estimating 4.85m people in the UK as being self-employed, making up over 15% of all employment3.
And more change is coming – Brexit will see the introduction of new immigration policies, as yet unknown. The new Immigration Bill, announced in the 2017 Queen’s Speech, is designed to allow the UK ‘to control the number of people coming here from Europe while still allowing us to attract the brightest and best.’
With forecasts suggesting4 that there will be over 4 million more high-skilled jobs in the UK than workers by 2024, how will both new immigration policies and increased training and skills-development help to plug this gap?
Will new immigration rules help or hinder? Currently over 2 million migrants from the European Economic Area (EEA) are employed in high-skilled jobs or are qualified to degree-level or above, meaning restrictive policies in this area could exacerbate the forecast skills gap.
Along with new regulations on everything from apprenticeships to the National Living Wage, employers are facing a range of pressures. This report seeks to explore some of the key areas of concern that our clients have spoken to us about, and seeks to share some of our expertise around key trends and pressures on employment:
1Bank of England - A millennium of macroeconomic data – table A51
2ONS - Trends in self-employment in the UK: 2001 to 2015
3ONS - UK labour market: September 2017
4Local Government Association
Your eligible deposits with Barclays Bank PLC are protected up to the FSCS compensation limit by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Barclays, Barclays Bank, Barclaycard, Barclays Business, Barclays Capital, Barclays Corporate, Barclays UK & Ireland Private Bank, Barclays International Private Banking, Barclays Premier, Barclays Private Bank, Barclays Stockbrokers, Barclays Wealth, Woolwich Mortgages. Any total deposits you hold above the limit between these brands are unlikely to be covered. For further information visit www.fscs.org.uk^ (opens in a new window).
Barclays Bank PLC is registered in England (Company No. 1026167) with its registered office at 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority (Financial Services Register No. 122702) and the Prudential Regulation Authority. Barclays is a trading name and trade mark of Barclays PLC and its subsidiaries.
*Lines are open Monday to Friday, 8am to 6pm. To maintain a quality service we may monitor or record phone calls. Call charges and information.
^You are about to link through to a non Barclays site. Please note that Barclays is not responsible for the accuracy or content of this website, and is not recommending it or giving any assurances as to its standing. Barclays does not accept any liability for any loss or damage suffered as a result of its use.