2019 Market Predictions

Posted on Wednesday, December 19, 2018 by Venn GroupNo comments

2018 has undoubtedly been a pivotal year for the market and there are significant political and economic changes on the horizon for 2019. We asked members of our Senior Management team for their predictions for the upcoming year.

 

Predictions for Commerce & Industry

The reprieve of IR35:

“The Chancellor’s recent budget decision to defer the introduction of IR35 into the private sector until 2020 means UK Public Limited Companies have breathed a sigh of relief. With so many observers witnessing the issues surrounding the effects of IR35 in the wider public sector in 2017, private sector organisations did not need the further administrative burden of implementing a coherent strategy.”

Robert Bowyer, Director

Growth in the North:

“There is a major push for the percentage of GDP being spread further than the South East and London. This can be seen as more companies look to set up HQ's in the north due to the lower commercial property costs, lower living costs for staff and corporation tax benefits. With this in mind, economic growth in the North is on an upward trajectory and this will in turn ensure more career and job opportunities across the region.”

Ross Gilder, Director

Global significance of the Midlands:

“Major global companies such as Rolls-Royce, Jaguar Land Rover, Toyota and JCB help to make the Midlands the only UK region with an export surplus to China. The region exports to over 100 countries, with Birmingham Airport and East Midlands Airport connecting the Midlands to the global economy.”

Avtar Singh, Director

A focus on Finance in the Central & East:

“The region is driving forward in its attempts to be a leading Financial Services Hub, with Santander and Barclays already here. In 2019, Goldman Sachs’ first foray into consumer banking, Marcus, will open its HQ in Milton Keynes, which in-turn will lead to the creation of at least 150 new jobs. Santander has unveiled plans for a state-of-the-art new campus in Milton Keynes to support its long-term growth strategy, representing an investment in excess of £150m in the town. The proposed new office, which is expected to be home to over 5,000 staff, will replace the bank’s existing local office buildings with a world-class working environment. This will be specifically designed to encourage collaboration and innovation, supported by cutting-edge technology. Work will be starting in 2019 on this project which will lead to new jobs being created and bring more money and development to Milton Keynes.”

Mark Steff, Senior Manager


Development of the Healthcare sector

The focus of funding in the NHS:

“As the NHS celebrated its 70th birthday in 2018, it also received a much-needed cash boost in the autumn budget, when the chancellor confirmed that over the next 4 years £20billion will be injected into the Health economy. This ensures that the scale of change required to make the NHS sustainable has the necessary funding available, which will in turn see an increase in transformation and operational interims who are able to take the proposed sustainability and transformation plans and make them a reality.”

Adam Britton, Associate Director

Digital transformation:

“Many NHS trusts are encouraging digital transformation, aiming to go completely paperless, developing apps and achieving an improvement in treatments with artificial intelligence”.

Greg Jones, Associate Director


Prospects for Engineering 

A strong 2019 is predicted for the industry:

The outlook for the construction sector is for a strong 12 months of growth in 2019 in both the private housing sector and commercial property sectors. Construction output set to grow by an estimated 2.7% year on year. The main growth in 2019 will most likely be seen from Q2 onwards, as the effects of the Carillion liquidation and the weather’s impact lessen.

Similarly, growth in the north of England has outstripped that of the South since the inception of the northern powerhouse. One has to imagine that given the level of new construction projects is still growing, this is set to continue.”

Stan Murray-Hession, Director


Differing outlooks for the Legal sector

The impact of Brexit for in-house teams:

“In-house, there will be an increase in the need for commercial contract negotiation, amending and reviewing in light of Brexit with an emphasis on international cross jurisdictions.”

A focus on interim hires in private practice:

“We should see an increase in the need for contractors within City, Silver and Magic circle, which has been evident from the huge growth in numbers from the Big 4's newly created legal services.”

Joint legal services:

“In the public sector, the continued effort of joint legal services will streamline the demands for legal advice across the councils.”

Jennifer Brook, Senior Manager


Continued importance of Technology

A year of data and commercialisation:

“The point of convergence for all of the technical fascinations of 2018 has been data, and 2019 looks set to drill down to this kernel, thereby better facilitating a more commercial application of these innovations and digital transformations.  Companies are increasingly understanding that a strong grasp of data will be essential in a world where our traditional place is no longer assured, and the intensity of this focus is only set to grow.”

Tim Dixon, Director

Raising the profile of the Midlands:

“The Midlands is also raising the profile of its thriving digital sector. The University of Leicester boasts an award-winning data centre and offers support for spinout companies. De Montfort University’s Innovation Centre is central to Leicester’s digital tech scene.”

Avtar Singh

 

A new era for the workforce

Across all sectors, there is a new generation on the horizon of adulthood, who are about to take our workforce by storm. Referred to as Generation Z, or Gen-Z for short, they are typically digitally savvy, driven and want to make a real difference in their work. By 2019 it is estimated that around 30 million will be in employment. This brings about a new perspective for hiring businesses to take advantage of, but with this comes further pressure to attract the highest calibre talent.

 

We can be confident that 2019 will offer opportunities for both prosperity and challenges. Whether you are looking to grow your team, or seeking a specific skill set to help your business adjust to any changes the year might hold, we can help. Please find the contact details for our offices here.

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