Freelancers react to latest inflation figures
IPSE, the Association of Independent Professionals and the Self Employed, has today reacted to the Bank of England’s Consumer Price Inflation survey, turned negative in April, falling to -0.1%.
Commenting on the report, Chris Bryce, chief executive, IPSE, said: “The UK economy can cope with a brief period of deflation, but longer term deflation would start to indicate slackness in the economy and require intervention from the Bank of England and the Government.
“However, the underlying strength of the labour market remains robust and data from IPSE’s quarterly Freelancer Confidence Index shows the majority of freelancers are optimistic about the economy’s future performance. We also know that average earnings for employees and freelancers continues to be ahead of inflation. The British public will appreciate the additional pounds in their pockets, and the one in ten self-employed people who often work abroad will welcome the lower costs of air travel.”
Key statistics for self-employed
– Business confidence has tripled amongst independent professionals since the last quarter
– 11% of IPSE members worked in abroad the past 12 months
– 83% of freelancers expect their daily rate of pay to either increase or remain at current levels in the next three months