Confident tech sector set to boost employment
Hi-tech manufacturers are Britain's most confident companies, research reveals today, with almost half planning recruitment sprees this year.
The research, commissioned by the US-based conglomerate General Electric (GE), suggests that 71 per cent of hi-tech businesses are optimistic that their performance will improve over the next 12 months, even though a quarter of such companies posted double-digit growth in 2010.
The sector is also poised to deliver a much-needed boost to the employment market, with 48 per cent of companies pledging to take on staff during 2011, with plans to expand their workforces by an average of 5.7 per cent.
Four-fifths of companies in hi-tech industries rely on exports for at least some of their orders. But most are confident about the prospects for demand from overseas, predicting a 12.3 per cent increase in orders from overseas buyers. Domestic demand, by contrast, is expected to rise by 5.8 per cent.
While some companies remain nervous about the economic outlook, particularly with commodity prices expected to add to operating costs, the research will boost the Government, which has made the promotion of hi-tech manufacturing a priority as it works to rebalance the economy.
But the research also suggests that more help from the Coalition could lift the sector, with only a third saying that the conditions for hi-tech manufacturing in Britain are positive.
Nevertheless, Mark Elborne, the president and chief executive of GE in the UK, said hi-tech manufacturers were much more confident than many other businesses.
"[Our research] shows a vibrant and positive sector that can help revitalise the UK economy over the next few years," Mr Elborne added. "Many of those surveyed had a positive 2010 and feel confident about 2011, particularly when discussing the potential in export markets."
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 3 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
- 4 AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
- 5 Game of Thrones is most-pirated TV show of 2014
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Millions of Britons struggling to feed themselves and facing malnourishment
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...