Modest inflation welcome news for UK’s self-employed
Reacting to the UK’s Consumer Price Index, which remained at 0.3% in February, IPSE economic adviser Lorence Nye commented:
“The UK’s self-employed will be pleased with the continued modest rates of inflation. Rising businesses costs are one of the most significant worries freelancers face, with the majority (60%) fearing they would encounter significant inflationary pressures in 2016.
“Many freelancers travel long distances for work, so the downward pressure on road transport prices, combined with the chancellor’s pledge to freeze fuel duty, is welcome.
“Inflation remains, however, a far cry from the Bank of England’s target level of two per cent. The Bank predicts it is unlikely to surpass even half that in 2016, so we’d urge it to continue holding off any interest rate rise until we see a significant change.”