Before the UK economy moved into its current downturn, manpower companies were the cock of the walk. It would be fair to say that the last eighteen months to two years have been very difficult for these companies, with many of them going to the wall. However, three of the main players in the manpower industry in the UK have survived the recession, not without difficulty, and are now raising their heads to see which direction they should take, as British business begins to shake the recession off its back.

Before the global economic downturn, the three market leaders in outsourcing, Adecco, Manpower and Randstad, flourished due to their ability to free employers from the shackles of employee-biased labour laws as well as in the changes in hiring practices imposed on them by the Labour government.

Since the turn-down, companies have not exactly been beating a path to their door, as employees, happy to hold on to their jobs under almost any conditions, have become decidedly less adamant.

Evidence of these companies’ weakness in the market is the news that the world’s biggest staffing company, Adecco, announced a €147 million loss for the second quarter, causing shares in the Zurich-based group to plummet by 5 percent on the day.

Turnover at Adecco dropped by almost a third for the period, as clients, particularly in the hard-hit automotive and aerospace industries, cut back on temporary workers, rather than choosing the politically sensitive option of cutting back on full-time staff.

Yet Addeco’s management, as well as those at Manpower and Randstad, remain optimistic for the future, believing that as the European economy moves slowly out of the recession their role in the business community as a provider of short-term manpower solutions will return in more or less the same format.

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Tags: Adecco, aerospace, automotive, British Economy, Economy, Employment, European economy, Labour, Labour government, Manpower, Randstad, Recession, UK Economy, UK Recession

Chancellor Alistair Darling has put the UK economy in to hock with his £118 billion spend now pay later gamble to beat the recession.

As predicted, he ripped up Labour’s financial rulebook and has bet all the country’s money for years to come on a toss of a coin to boost the economy now.

Whatever happens, the pain will come later as the government winning the next election in 2011 will pick up the tab by having to repay massive debts by raising taxes.

The Chancellor has admitted that everyone earning more than £40,000 will feel the pinch later – alienating millions of middle ground voters and top earners.

The real question is has he done enough now with yesterday’s 2.5% cut in VAT, income tax cuts, more child benefits for families and a one-off payment to pensioners?

The VAT cut, due to take effect next Monday, gives everyone a miserly £2.50 saving in every £100 spent.

Accountants KPMG have calculated the effects the changes will have on the pound in your pocket:

If you earn £110,000 a year you will have an extra £118.80 to spend next year and £215.58 the following year. That’s a paltry £2.28 a week going up to £4.15
For those on £50,000 a year, the extra income tots up to £343.30 next year and £240.08 for the year after. That’s £6.60 extra a week falling to £4.16.
Big earners taking £150,000 or more a year also picks up £343.30 extra next year but are £2246.70 worse off after that. That’s the same £6.60 a week increase as lower earners next year but a massive £43.20 a week drop comes on the back of the good times.

Both the Tories and Liberal Democrats have slammed Darling’s action as irresponsible and a ‘tax time bomb’ for the next decade.

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Tags: Alistair Darling, British Economy, Labour, Recession, Tax Cuts, Tax Time Bomb