According to a recent report from the International Monetary Fund (IMF), the UK economy grew by 1.9 percent in 2013, making it the fastest growing economy in Western Europe.
The figures show the UK has seen its strongest annual growth since 2007, with predictions of further growth of 0.7 percent for the three months prior to December; following the 0.8 percent growth in the third quarter of 2013. Further predictions forecast growth of 0.8 percent for the fourth quarter. The Treasury commented that the UK forecast was proof that the government's economic policies are working, with the Chancellor adding that the government was providing long term security for the country.
However, experts warned that this recovery may be overly dependent upon consumer goods and spending, and that growth will only be sustainable if the nation sees a significant increase in investment, real wages and export growth.
Patrick Phelan, Managing Director for Aquaterra Energy, believes long term investment in young talent for Britain’s leading industries is essential to providing sustainable economic growth: “As one of the UKs major growth industries, attracting more people into long term careers in the oil and gas sector is a vital strategy for ensuring the economic prosperity of the nation. At Aquaterra Energy we are committed to focusing on safety, quality, skills and training, to build on our strengths and secure our future growth, and these are our top priorities for the coming year.
“As a member of the Oil and Gas Industry Council, I have a personal responsibility to help attract a strong pool of young talent to the industry, and our graduate training scheme and apprenticeship programmes allow us to form crucial long-term partnerships with schools and colleges. We have the ability to really inspire young people to join the industry and provide the talent needed for the 34,000 jobs we expect to see created in the UK industry in the next two years.”