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15% Of UK Workers Now Self-Employed

15% Of UK Workers Now Self-Employed

The UK has more self-employed workers than ever before, according to analysis by insurer Direct Line for Business.

15 per cent of workers in the UK are now self-employed, a significant increase over the past decade, with nearly one million more self-employed workers than there were in 2008.

The second quarter of 2017 saw 23,000 more selfemployed workers registered in the UK, taking the total number to 4,814,465. This surpasses the previous record number posted in Q4 2016, when there were 4,802,384 single operator businesses across the country.

Men still account for the majority of the UK’s selfemployed workers (67 per cent). However, over the past five years the number of women becoming their own boss has grown significantly, with 300,000 more female self-employed workers since Q2 2013, an increase of 24 per cent.

On an industry level, construction is the sector with the highest number of self-employed, with 973,000 workers accounting for 20 per cent of all sole traders and 42 per cent of the total construction industry.

This is followed by professional services (577,000 sole traders) and wholesale, retail, and repair of motor vehicles (407,000), with sole traders in these industries accounting for 40 per cent of all self-employed workers in the UK.

The research reveals 32 per cent of sole traders believe developments in technology have made it easier for people to go it alone.

45 per cent said having full control over working hours and holidays was the primary benefit of being selfemployed, while 20 per cent think being the sole recipient of all profits is the best thing about working alone.

51 per cent stated unsteady income as the primary drawback, followed by financial liabilities (12 per cent) and not having enough time for new business (10 per cent). Read more like this

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