Accessibility Links

New budget 'could boost marketing recruitment'

02/01/2014

The new Budget from chancellor George Osborne has been and gone, leaving us with nothing to look forward to until the next major economic announcement of the year.

While much of the analysis has focused on the continued commitment to austerity and the possibility that the UK could face a £9 billion tax rise over the next couple of years, it has been posited by marketing experts that some of the chancellor's measures could have a positive effect on communications recruitment.

Creative industries like high-end television and animation and the visual effects sector will receive tax-breaks to stimulate growth, and more generous incentives will be provided to UK businesses in a bid to improve the economy.

This could be good news for marketing professionals looking for a new role or trying to enter a new part of the industry, which is in a relatively healthy position compared to other sectors in Britain.

Ian Twinn, director of public affairs for ISBA, told Marketing Weekly that all creative industries are likely to benefit from the tax breaks announced by Mr Osborne.

"We already know from the recent Deloitte report that advertising yields strong returns on investment and the chancellor's endorsement of the creative sector, for which the UK has such a formidable reputation, is to be supported," he added.

Furthermore, he suggested that the Budget could have a major impact when it comes to helping entrepreneurs and smaller marketing or communications firms attempt to expand into wider markets, creating jobs and boosting the economy.

According to Deloitte, advertising can play a big part in the UK's continued profitability - the firm found that £6 is generated for the wider economy every time £1 is spent on advertising.

Advertising Association chief executive Tim Lefroy said: "That's bigger than spending money on building new roads, railways or stations where the conversion factor would be one to four."