With the Labour Party now in power, its policy framework is expected to drive significant changes in the economy and labour market. The construction industry is preparing for a housebuilding effort on a scale not seen in decades. In other sectors, the focus is on how business-friendly the new government will be.
In the first seven months of 2024, Scotland recorded 12,766 professional vacancies, which accounted for 5.3% of the UK’s total of 226,708 vacancies. Scotland’s job market has seen a modest year-on-year increase of 0.5%, significantly lagging behind the UK’s national average growth of 2.5%.
With the general election now behind us, the UK economy is showing signs of acceleration. Economists are already revising their forecasts on GDP growth for this year, and the fact that Starmer has won with such a significant mandate means that there is certainty about what lies ahead for business.
With the UK still experiencing lower levels of labour market economic activity than before the pandemic, the North East faces the challenge of a growing divergence in growth compared to the southern regions of the country.
With a new government now in situ, the big question is, what will this mean for the job market, and what are the opportunities for the astute? The Labour party have already put forward some plans regarding how they want to change employment law. Similarly the energy industry looks like it will be getting a boost. What are the other areas to watch for?
