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Umbrella company contractors might be interested to learn a recent report has revealed that much of the success of the labour market has been down to the self-employed sector.

The Association of Independent Professionals and the Self-Employed (IPSE) have responded to newly released employment statistics showing the continuing strength of the UK labour market since the financial crisis.

The number of self-employed in the UK has grown by 114,000. That means there are now 4.78 million self-employed people in the UK – a total of 15% of the workforce.

The new figures show the number of employees in the UK has increased by 192,000 compared to the same time last year. They now total 26.85 million (84.3% of all people in work).

LorenceNye, IPSE Economic Policy Adviser, commented on these latest findings, “Today's figures show the continuing strength and success of the UK labour market. Much of this success is a direct result of more and more people choosing to become self-employed. The self-employed have done more than their fair share of job creation since the recession, and this trend is still continuing – almost a decade on.

Although people take on extra risks when they become self-employed, research has clearly shown that the majority genuinely love what they do and wouldn’t want to work for someone else.

The self-employed give the economy the crucial competitive advantage of flexibility just when the UK needs it most. And as we begin the process of leaving the EU, it’s more important than ever that our workforce is flexible enough to meet shifts in demand – it will be absolutely essential to our success.”

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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