Limited company contractors working in the aerospace industry could benefit from a new government service.
The coalition recently launched the Manufacturing Advisory Service, which it hopes will help firms grow and create as many as 23,000 new positions in aerospace and other high-value industries. Some of these jobs will undoubtedly go to freelancers and contractors working through an umbrella company. The government hopes MAS will help safeguard another 50,000 jobs and contribute about £1.5 billion to the UK economy.
Mark Prisk, the business minister, explained that we have world class manufacturers in the UK and MAS will not only help them grow, but also create more exceptional firms. Furthermore, the scheme will focus on helping smaller enterprises to flourish.
The Minister recently visited Arrowsmith Engineering, a firm of precision engineers based in Coventry. Arrowsmith supply the aerospace and motorsport industries and Prisk said the company has been able to grow by 20% after receiving support from MAS.
As well as offering technical support to manufacturing firms, MAS links them to apprenticeship programmes.
Meanwhile, a further three banks has cut their IT contractor rates by 10%. It would appear that UBS, Deutsche Bank and BAML have all followed the lead of RBS and Lloyds in implementing across the board pay cuts.
Cutting contractor rates seems to be something of a growing trend as companies tighten their belts again due to the continuing global economic uncertainty. Understandably, some contractors are feeling aggrieved because these cuts are instantaneous rather than being implemented at the contract renewal stage. Could we be about to see vast numbers of IT contractors looking for pastures new?
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Image: Aerospace by jurvetson
