Positive news for the self-employed, as recent ONS data has shown that inflation fell from 2.3 per cent in November to 2.1 per cent in December.
These figures have been welcomed by the Association of Independent Professionals and the Self-Employed (IPSE), but they warn that further Brexit uncertainty after the government’s defeat could harm the self-employed.
IPSE’s Economic Policy Advisor, Ryan Barnett, explains, “The drop in inflation – in line with expectations and close to the Bank of England target – will be welcomed by the self-employed. This is the lowest level in two years. The drop in the price of petrol by over 6p in the pound is particularly significant, given how much more self-employed people travel – both to their clients’ sites and to find new work.
“Overall, this means income in real terms is higher, and freelancers – who are vital to the health of the UK economy – will feel more money in their pocket.
“There is however, continued uncertainty about the progress of Brexit after the government suffered a major defeat in Parliament. The continuing malaise has exacerbated fears of a ‘no-deal’, which our recent Confidence Index showed 81 per cent of freelancers are opposed to.
“The 4.8 million self-employed, just like the rest of the country, need to clarify about the future of the economy and their ability to access clients in Europe.
“For the sake of freelancers and the wider country, the government must avoid a no-deal Brexit and also prioritise the self-employed in any renewed negotiations with the EU.”
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