According to the forecasts on Monday (March 10th, 2014), this year, the UK economy is set to move faster and overtake the growth levels before the occurrence of a recession. But, the growth levels could be delayed unless UK nation welcomes the immigrant workers to mitigate a deficit of home-grown talent.
BDO has in its ‘Business Trends’ report by accountants and business advisers said that the current economical growth is at 0.7%, and is likely to exceed the economic levels, that were recorded during the mid-2008 and which stood at 2.1%, by July 2014.
BDO stated that a strong positive attitude and the intentions of hiring across all the sectors of the economy are noticeable, with UK companies especially, who are very positive about the coming times. This positive attitude of UK is likely to energize the anticipated growth.
However, BDO has said that as for immigration in the UK is concerned, a shortage in skills could be lessened if the country welcomes more migrant workers.
Peter Hemington, BDO Partner, said that there is an increase in evidence that immigrants will make a positive contribution to the economy in a huge way.
Peter Hemington also said that it is important that the political class will take notice of the evidence and will start welcoming immigration as a power for excellence. This attitude of welcoming immigration will bring about economic success to UK.
As per its report, the output in the business rose to its peak level in February, since April 2010, driven especially by manufacturing.
According to the experts’ opinion there is a necessity for a rise in the wages if the economy of UK is likely to blow out on its dependence on consumer borrowing and spending on fuel growth.