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Paul Saunders, director of the Recruitment Finance Division of Lloyds TSB Commercial Finance talks about the future of the recruitment sector, how the industry is over the worst and the outlook for the future.
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Recently, the papers have been littered with articles about banks not lending, capital being restricted and speculation that there is no appetite to support businesses. Paul Saunders Recruitment Finance Division Director, gives another view.
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The recruitment industry plays a key role in the efficient allocation of human resources in the UK economy, and this is especially true in challenging times. According to the latest research from some of the industry’s most respected organisations, the sector is adapting rapidly to the current economic conditions.
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The effects of the credit crunch are starting to show, and with this comes talk of capital restrictions and liquidity tests for the banks. These evaluations will ensure that the banks are making the most effective use of their assets, but what is the likely impact on the recruitment sector?
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2007 will not be easy to forget, if only for introducing the phrase ‘credit crunch’ into our everyday vocabulary. Looking back at the year just gone, things were not all as we may have expected.
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Even though the Finance Bill had not completed its passage through Parliament at the time, the legislation originally put forward last December in the paper “Tackling Managed Service Companies” came into force on 6th April 2007. Despite subsequent amendments, the risks to recruiters under the associated debt transfer provisions remain a concern.
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In his recent speech, at the launch of the annual Recruitment and Employment Confederation (REC) Recruitment Industry Trends report, chief economist at Lloyds TSB
Corporate Markets, Trevor Williams, looked back at the recession and the rumblings ofan economic recovery.
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Now Recruitment, headquartered in Birmingham, has acquired Breeze Resources Limited for an undisclosed sum from Dragon’s Den star James Caan. The acquisition excludes the company’s City Division, which is now owned by a new company called Breeze City Limited.
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Recruitment businesses are being advised to plan ahead and communicate with their financial partners ahead of the Christmas period to avoid sleepless nights and problems with BACS payments.
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Paul Saunders, Director of the Recruitment Finance Division of Lloyds TSB Commercial Finance, puts a few funding myths to bed: