UK self-employed ‘confident about business prospects despite economic gloom’

Posted 5th May 2017 in For Businesses For Workers

Freelancers and contractors in the UK are largely confident about their business prospects at the moment, even though the outlook for the economy is much less certain.

This is according to a new survey from FreeAgent, which indicated that 64 per cent of freelancers and contractors are expecting their businesses will grow in the coming six months.

Respondents were also shown to be confident in the sustainability of their operations, with 91 per cent saying they still expect to be self-employed business owners in 12 months’ time. By comparison, only eight per cent said they were unsure about their longer-term career plans, while only one per cent intend to stop working for themselves in the next year.

This optimism contrasts with a general sense of negativity about the prospects of the national economy as a whole, with only one in ten freelancers believing that GDP will improve over the next six months as the reality of Brexit starts to bite, and uncertainty swirls around the forthcoming general election.

Meanwhile, 28 per cent of micro-businesses predict little or no change in the UK’s economic performance, with 11 per cent saying they are not sure about which direction the economy will move in between now and the end of the year.

Ed Molyneux, chief executive officer and co-founder of FreeAgent, said: “Amid the upheaval surrounding the ongoing Brexit saga and the global political climate, it’s clear from our research that many micro-businesses don’t have much confidence in the UK’s economic prospects.

“But despite the gloomy outlook, it’s good news to see that so many of them are far more positive about the potential of their own businesses.”

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