Ernst & Young to Hire 3,700 Workers as Labour Market Improves

Ernst & Young is expected to hire 3,700 new UK employees by the end of June 2014.

The professional services firm told The Times it is hoping to recruit 2,400 experienced workers in the next year, in a response to growing demand from its clients and an ambitious growth plan.

The organisation is also planning on employing 1,300 students, including 700 graduates, 500 undergraduates, and 150 school leavers.

Demand for the accountancy firm's services is being driven by clients seeking advice on a range of issues, from managing to the growing threat of cyber-security.

There is also a high demand for advisory services to the financial services industry.

"We're seeing a huge reduction in the number of businesses looking to cut costs, and more looking instead to take on the risks associated with growth," says Steve Varley, EY chairman, speaking to The Times.

Growth in Britain's Jobs Market?

The news follows the announcement that the UK unemployment rate fell to 7.7% for the first time since late 2012, according to official figures.

The Office for National Statistics (ONS) revealed that the unemployment rate dropped slightly in the three months to July from 7.8%, down by 0.4% from July 2012.

There were 2.49 million unemployed people during the period, a decrease of 24,000 from February to April 2013 and down 105,000 from July 2012.

There were 8.96 million economically inactive people aged from 16 to 64, according to the organisation, down 33,000 from February to April 2013 and down 52,000 from July 2012.

The research also revealed that the employment rate now stands at 71.6% in July 2013.