The Chancellor Rishi Sunak today laid out the government’s plans for the next few years in the new Budget, with a key focus on the UK’s road to a “new economy”. Within this, he announced a rise in the National Living Wage from £8.91 an hour to £9.50, as well as a £3 billion investment into the “skills revolution”. With pressure on the future of the country’s economic outlook, Sunak has expressed the importance of the skilled industry. Along with the announced funding, Sunak has also announced a greater investment into the Scale-Up Visa system, which is designed to make it easier and quicker for high-skilled individuals to be brought into fast-growing UK businesses.

The UK is currently undergoing a skills crisis the likes of which have never been seen, with 1.66 million vacancies reported at the end of August – according to research. With government schemes such as furlough, bounce bank loans and CBILS having ended, the Budget announcement is crucial to ensuring the survival and growth of many UK businesses.

Nick Thompson, CEO of DCSL GuideSmiths, comments on the what governmental support means for the digital and skilled sector:

“It’s great to see that the UK government has thrown their support into the skilled sector with increased funding, especially after such a turbulent few years. This budget acknowledges the importance of the future of the digital and software development sector, as it is now clear that many businesses now rely on digital transformation and app development for their growth and survival – especially as we work towards recovering from the pandemic. The UK economy’s recovery will rely on businesses being able to access skilled talent when they need it in order to grow and scale, something that DCSL GuideSmiths has seen over the past few years time and time again.”