Umbrella company contractors might be interested to learn that the millions of contractors currently working in the UK are contributing a significant amount of money to the economy.
Latest research carried out by the Association of Independent Professionals and the Self Employed (IPSE), revealed that contractors contribute £119 billion to the UK economy – a considerable increase from the £109 billion reported in 2015.
Findings also show that the number of female contractors increased by 55% from 2008, compared to a 36% rise in males. The number of mothers in self-employment has seen a 79% growth in the last nine years.
Chris Bryce, IPSE CEO, commented on these latest findings, “At a vital time when the economy needs to be dynamic in the face of growing uncertainty, freelancers are providing on-demand resources to businesses allowing them to be flexible in response to change. The vast majority of freelancers love what they do, so it’s no surprise that increasing numbers of people are turning to this way of working.”
Commenting on the findings that millennials have driven growth following a significant 66% increase in contractors aged 16-29 years old, Bryce added, “It is exciting to see that the younger generation has been enlivened by the prospect of working for themselves. The reality is increasing numbers of people want to work this way across every sector. It’s important their choice is recognised and policy makers support this trend rather than maintaining an older, less flexible employment model. We’re not living in the 20th century anymore.”
Daniele Cantello is an Contract Manager for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies. Learn more about Daniele on Google.
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