Contractors working through umbrella companies are likely to amongst the beneficiaries of the business generated by the Olympic Games, a new survey from Lloyds Banking Group suggests.
Just how will the intrepid PAYE umbrella contractor capitalise on the Games as Olympic fever begins to grow? The Lloyds report forecasts that no less than £16.5 billion will pour into the UK economy, chiefly from the construction and tourism sectors.
London alone is expected to generate £6 billion in revenue, but the Olympic ‘ker-ching’ factor will not be limited to the capital alone, the survey suggests. The Games, which burst into life in less than a month, are virtually certain to create enormous employment opportunities (62,200 new jobs, according to the report) across the country, including for the UK’s contractor community.
Patrick Foley, the Chief Economist at Lloyd’s Banking Group, hailed the Olympics as the most important event of its kind ever hosted in the UK and predicted that the economic impact will be overwhelmingly positive. Construction work in preparation for the Games requires vast numbers of temporary and permanent workers to complete projects to schedule.
Mr Foley believes the effects will be no flash in the pan: consumer spending, tourism, employment and living standards will benefit from the Games for an extended period.
Given that the UK economy has been intractably resistant to growth of late, this optimistic forecast about the benefits of the Games may put a spring in the step of the battered British consumer and lead to an abundance of lucrative assignments for jobbing contractors. The proof of the pudding, of course, will be in the eating – but this is one huge pudding.