Turner Little investigates the news that number of self-employed people in the UK continued to soar, according to a new study.
Self-employment
UK self-employment reached a new height in the three months to October 2015. Figures from the Office for National Statistics (ONS) suggest that as of the end of the quarter to October, a record 4.6 million Britons worked for themselves.
New ONS data indicates that UK self-employment climbed further in the quarter to November 2015, when compared with the same quarter of the year before. Online publication Small Business reported that as of the end of the period, 4.62 million people in the UK were working for themselves. Meanwhile, the UK’s total employment rating hit a new peak of 74%, as the nation also recorded strong growth in full-time jobs figures in the quarter to November as well.
Broad growth
Lorence Nye, economic policy adviser with The Association of Independent Professionals and the Self Employed (IPSE), commented on the release of the data. He suggested that more and more people in the UK are opting to become their own boss because they’re beginning to see the benefits of self-employment. Elaborating, Nye said:
“Freelancing is no longer limited to certain professions or specific age groups. They are an established part of the labour market, with workers in every sector and from every demographic… We’ve seen much of the rapid growth over the past decade come from older workers who continue their careers past retirement age, with the second largest contribution coming from those under thirty. This broad growth is also reflected across all professions.”
Work for yourself
Continuing, the economic policy adviser argued that self-employed workers are now a vital part of the UK’s economy, saying: “Their flexibility provides a unique characteristic that has powered the UK through the financial crisis and may be the one thing that shelters the country from the potential global economic storm appearing on the horizon.”
As Nye suggests, these new statistics indicate that more British people are coming to see the virtues of being your own boss. Being self-employed comes with certain responsibilities. For instance, it is vital that you manage cash flow effectively. Enlisting the help of specialist firms such as Turner Little to help you manage your financial affairs may be beneficial. Turner Little provides comprehensive UK banking services to a wide range of customers, including many registered as self-employed.
Turner Little
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agents, Registered Bank Intermediaries and Business Consultants, as well as Trust providers.
