Contractors will be pleased to learn that the latest IPSE Freelance Confidence Report has shown great news for the self-employed.
IPSE’s (The Association of Independent Professionals and the Self-Employed) latest report has revealed that daily earnings for contractors are starting to show early signs of recovery.
According to the IPSE, this is perhaps the reason behind the surge in optimism found among the UK’s contracting community, despite rising business costs.
Findings revealed that most independent professionals predict that the cost of running a business (such as costs for marketing and technology) will increase over the next year, however overall, contractors are more confident about the performance of their own business.
The Freelance Confidence Index also reported that the number of contracts undertaken by freelancers has increased over the last three months, with 44% of contractors expecting the availability of contracts to continue to rise.
Meagan Crawford, Senior Economic Policy Advisor at IPSE and author of The Freelancer Confidence Index, said of the findings, “The results of our survey show that business performance is strengthening in the UK and freelancers are cautiously optimistic about their business prospects in the months ahead.
“Day rates for freelancers are showing early signs of increasing which bucks the trend for wage stagnation in traditional employment. Businesses are increasingly tapping into the highly specialist skills that freelancers provide on a flexible basis and freelancers are benefitting from this increasing demand.
“Although businesses costs have risen, with most freelancers expecting to see this increase continue over the next 12 months, the impact of this is softened by evidence of growth in contracts and revenue. Overall, it is clear that there is strengthening business confidence among freelancers which is good news for the economy at large.”
Considering making the switch from working as a permanent employee to a contractor? Then read our free downloadable guide to moving from permanent to contracting, you may also find our advantages and disadvantages of a Limited company page useful.
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