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So we are finally definitively in recession and with a whopping negative growth of 1.5% for the last quarter. It's not the best of news but I don't think anyone is particularly surprised. The way the media was carrying on I'm almost surprised it's only just been made official.

That said it's good to see that optimisim is alive and well in the contracting industry: one survey claims that 40% of contractors expect to earn more this year than last even in the face of recession. That optimism is important, especially in a group as important to the economy as freelancers.

Those of you whose work or employer is involved with the 2012 Olympics have even more reason for optimism, with fresh investment from the government to the tune of £496 million pounds highlighting the projects overall importance. This is the sort of investment that will pay dividends in the long run (unlike my colleague's recent investment in the Royal Bank of Scotland), bolstering companies and other private projects down the line, helping to keep contract work ticking along nicely.

Optimism really is the only way out of this situation. We can ask the question "who's fault is it that we're here?" but in the long run that's not going to help. Best to carry on, knuckle down and act like you're winning.

Yours optimistically

Hugo
23/01/2009