Employment rate is at its highest but self-employment is still the way forward

Friday 30 September 2016

The rate of employment in the UK has been on the increase, but despite this self-employment is still the desired route for many people. This is because the idea of being your own boss is much more appealing, and the changing economic landscape has also encouraged more professionals to work for themselves.

Over the past few months there has been modest growth in the UK economy, especially in the service sectors and it is predicted that the last quarter of the year will see a steady rise, with a seven per cent increase in the UK’s economy expected. In addition, employment was at its record high rate - up by 172,000 - in the lead up to the Brexit vote.

Rain Newton-Smith, Confederation of British Industry (CBI) chief economist, said: “While it’s still early days following the EU vote, the economy is continuing to grow at a steady pace despite mixed performances across different sectors.”

However, despite the growth in the UK economy and the record increase in employment, many people are still opting in for the route of self-employment. As stated in the latest statistical report by the Office for National Statistics (ONS), the number of self employed people rose by 224,000 to 4.76 million. The number is set to continue to grow. It is predicted that by the year 2020, half of all workers will be self-employed.

It seems as though many people are now freely choosing the option of self-employment as a result of its various benefits: the ability to hone creative skills, freedom to decide their own working hours and a general control over working schedule.

Therefore, while the increase in the employment rate is good news, the self-employment route is still incredibly enticing.

By Victoria McDonnell

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