Despite ongoing fears for the economy – influenced by the shock news of an imminent General Election and Brexit – UK freelancers are contractors are by and large confident about their own prospects, with many predicting a bright future for their businesses.
New research conducted by FreeAgent has revealed that just one in ten UK freelancers believe the economy will improve over the next six months as the country enters Brexit territory, but not before we heads to the polls to decide on the political Party to guide us through negotiations.
Despite the upheaval and constant uncertainty, 28% of micro-businesses predict little or no change in the UK’s economic performance, with 11% unsure how the next six months will play out economically speaking.
When it comes to their own business performance however, freelancers are more optimistic. Regardless of pessimism surrounding the UK economy, 64% of freelancers and contractors are believe their business will grow in the same six months.
Ed Molyneux, CEO and co-founder of FreeAgent, praised the resilience of the UK’s growing freelance workforce.
“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.”
Economic uncertainty doesn’t seem to be affecting freelancer's and contractor's ambition to continue to run their own business either.
A telling 91% of micro-businesses surveyed were adamant they would still be self-employed business owners in 12 months. Just 8% were unsure about their longer-term career plans, while only 1% intend to stop working for themselves in the next year.
“Around 95% of the UK’s total number of businesses are micro-businesses, so the more confident they are about their prospects, the better it will be for the whole country,” FreeAgent’s Ed Molyneux explained.
As economic confidence continues to wane with political and economic uncertainty taking over, it’s vital that the UK’s 2million freelancers and contractors – who together contributed £119bn to the economy in 2016 – have the confidence and ambition to continue working independently.
How confident are you about your business prospects over the next 12 months? Join the conversation...