As of this year, the British economy is going through a bit of a slump. There is still growth occurring, but at a very slow rate. Commentators generally blame this on Brexit, with consumers and investors spending less as they worry about the ongoing effects of it. It’s ironic that Brexit in and of itself has not caused the British economy any problems. Instead, it’s people’s fear of it. Thus, economic analysts who predicted a severe downfall due to Brexit are grasping on tightly to the slow growth phenomenon.
In reality, if the British public and potential investors would just have faith in the sovereignty of their country and spend or invest accordingly, the economy would be booming.
Still, one cannot rely on the strength of an economy in today’s turbulent times to look after yourself and your loved ones. There will always be the ups and downs of the stock market, the cultural and political landscape, and the implementation of policies which can have unpredictable consequences on the financial health of a country.
If you’re someone who is looking for a career change or who is about to start college, you might want to know which industries are currently growing the fastest. While there are no guarantees, joining a company that is enjoying economic growth will reduce the risk of unstable job prospects. Here are some of Britain’s fastest growing industries:
Agriculture
Almost half a million people are employed in agriculture in the UK. Yes, it has seen better days, and things like foot and mouth threatened the livelihood of farmers who relied on the profit from livestock, but it’s still a thriving industry. The mild climate is ideal for all sorts of growth and harvesting.
Banking and Finance
This is definitely one worth mentioning as it makes up an impressive 80% of the UK’s GDP. The financial services sector in particular has really come to the fore in recent years. London is the centre of a lot of financial activity in this respect.
Energy
Fossil fuels are a big part of the UK economy. These are not renewable fuels so their supplies are dwindling, but it is probable that more renewable alternatives will be proposed to help the transitioning of the energy industry in the future.
Electronics
Positions in the electronic industry make up around three hundred thousand workers in the UK. These sectors include everything from consumer products to electricity companies that power our homes. The consumer sector has seen exceptional growth in recent years due to rapid technological progress.
Machinery
This industry is not as central as it once was. Globalization is primarily responsible for this, as more and more CEOs look to increase profit margins and spend less on property taxes by having factories and workers in less affluent countries. This is a real shame, as it is manufacturing expertise that places a country firmly on the world stage.
Tourism
Tourism is an industry that always does well in any country with famous sites and landmarks. Terrorism and/or natural disasters are really the only things that deter holidaymakers, so if you’re looking to work in an industry that is constantly enjoying growth, this may be the one for you.
Now that you’ve seen some of Britain’s fastest growing jobs, it’s time to contemplate your future and figure out what industry suits you best. It’s important to have job stability, but it’s even more important to find a job that you like enough to stay in so that you can progress. Don’t prioritize stability over all else, or you will likely end up hating your job and getting up for it every morning.
References
UK economy grew at half the rate of the eurozone’s in second quarter of 2017
Doing Business in the UK: What are the Latest Market Trends?
by Gillian Rixey
(Gillian is a PhD qualified freelance writer and scholar born in Ireland but currently residing in the United States.)
