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Business boost from UK election result

By Mark Craddock. Published on 19 June 2015

Mark Craddock, who specialises in senior finance and CFO appointments at Eton Bridge Partners, says the election result is good news for business and jobs.

To read the full article on the CIMA website, please click here

Just a few days after the election we held one of our summer events and, taking some temperature soundings from clients, it was clear that the Conservative victory was largely met with a huge sigh of relief from the business community.

The appointment of former city banker Sajid Javid as the new Business Secretary, and Jim O’Neill, former Chairman of Goldman Sachs Asset Management, as the new Commercial Secretary to the Treasury, have been seen as very positive ‘pro-business’ moves.

Unemployment is also down to the lowest figure for seven years, although on a more pessimistic note, Bank of England Governor Mark Carney has cut the growth forecast for this year and next.

Another potential sticking point is the timing of the in-out EU referendum. Mr Carney has made it clear that he would prefer this to be earlier rather than later and this seems to be the sentiment of many people we speak to.

The majority of business leaders want be pro-Europe from a free trade perspective. However, no matter what the Government manages to negotiate, there will always be some who want to leave on a point of principle, so we will have to wait and see – hopefully for not too long. Certainly staying in the EU brings added advantages for those CIMA members who are considering moving to Europe to work.

Recruitment grows

On that note, in the recruitment marketplace we are experiencing the busiest period since the collapse of Lehman Brothers in 2008.

Top of the list is demand for FP&A and commercial finance expertise, something which CIMA members will be well versed in providing.

In fact, the market is so buoyant that I believe there has never been a better time to change roles. Certainly we see a shortage of good candidates who are capable of interpreting the numbers as well as reporting them.

This could be a result of the more stagnant market of the past few years.

During recessionary times, businesses had to hold on to those finance people who dealt with the more technical and statutory finance roles. If cuts had to be made, it was more likely to be within commercial finance teams.

What’s happening now is that those teams are being built up again and individuals who have the skills to interpret management information and make it meaningful are suddenly becoming much more valuable.

In much the same way that Chancellor George Osborne has seized his chance to announce a new Budget on 8 July, maybe CIMA members who are considering a move should put a big tick in the yes box of their future career prospects.

Mark Craddock
Partner – Executive Search – Finance
mark.craddock@etonbridgepartners.com

Mark Craddock

PARTNER
HEAD OF SEARCH, CFO & FINANCE PRACTICE

Mark leads the executive search CFO & Finance Practice at Eton Bridge Partners. His personal area of focus is handling retained mandates to recruit permanent CFOs and their direct reports across the UK, Europe, and increasingly globally.

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