"The UK's 900,000 tradespeople, including electricians, plumbers, painters and decorators, are struggling to expand their businesses because of growing costs, the burden of bureaucracy and major hiring pressures, a new report finds. Based on data from 850 people working in the trade industry across the UK, Checkatrade's Trade Nation report reveals British trades are eager to contribute to the Government's growth agenda but key challenges are preventing them from doing so."
"The report reveals tradespeople to be among the most hungry and ambitious sectors of the British workforce. Seven-in-ten (72%) tradespeople are confident about their future, compared with just 7% who feel pessimistic about what lies ahead. This contrasts with the business sector more broadly, which is less positive than tradespeople. According to recent analysis by the British Chambers of Commerce, just over half (56%) of businesses surveyed believe there is untapped potential in the UK economy. Moreover, despite challenging conditions, a remarkable nine-in-ten (90%) have ambitions to own a business or co-own a firm."
"Rising costs of materials and tools, particularly in the midst of concerns around increasingly high levels of tool theft across the country, are preventing growth for four-fifths (79%) of tradespeople, growing to nearly nine-in-ten (89%) among the smallest businesses. And rising taxes, like the increase in employer National Insurance Contributions, are identified by seven-in-every-ten (69%) trades as a block on their business growth."
"Expansion for trade businesses, which contribute £138bn to the economy each year, is also being cut back because of major skills shortages facing the industry. Seven-in-ten (71%) tradespeople say skills gaps are causing major challenges for their company, and the issue is most pronounced in high-growth sectors, such as home decarbonisation and retrofit technologies, where nearly nine-in-ten (88%) tradespeople are affected."
There are 900,000 tradespeople in the UK, including electricians, plumbers, painters and decorators. Survey data from 850 industry workers across the UK shows high ambition and optimism, with 72% confident about their future and just 7% pessimistic. Nine-in-ten (90%) tradespeople aim to own or co-own a business. Rising materials and tool costs prevent growth for 79% of tradespeople and rise to 89% among the smallest firms, with widespread concerns about tool theft. Seven-in-every-ten (69%) cite rising taxes such as increased employer National Insurance Contributions as a barrier. Trades contribute £138bn annually, and 71% report skills gaps causing major challenges, with 88% affected in home decarbonisation and retrofit sectors.
Read at London Business News | Londonlovesbusiness.com
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