Technology ‘can provide more support to the UK’s self-employed’

Published: 18 February 2015

Are you working for yourself? According to the recent report ‘Self-Employment Review: An independent report’ by Julie Deane OBE, there are now more than four and a half million self-employed people, accounting for 15 per cent of the UK’s total workforce – an all-time high.

In the past 10 years, with technology having a tremendous impact, many factors within the self-employed landscape have changed.

There is still an information gap. After finding that the most common area the self-employed were looking for support was around taxation and financial advice, it called on the government to provide better information for the self-employed and more flexible financial solutions.

The UK’s productivity gap was highlighted in a Goldman Sachs’ note published last November. It found a US-based employee generated 39 per cent more GDP compared with their UK-based cousins. This gap is where technology, which helps small businesses become more productive, can have the greatest economic benefit.

In the UK, and right around the world, small businesses are a massive economic driver. They generate 47 per cent of the nation’s revenue and employ 60 per cent of the workforce. They’re key to unlocking economic growth.

However, the report said, that without support, many small businesses struggle to grow and that has a material impact on the economy.

The report also stated however, that people who are self-employed have found a good balance with work-life commitments and are often happier.

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