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Employment stats illustrate continuation of UK labour market strength

IPSE, the Association of Independent Professionals and the Self Employed, has today (15 March) responded to the employment statistics which illustrated the remarkable continued strength of the UK labour market since the financial crisis.

Unemployment fell to a 32-year low of 4.7%. There were 305,000 more people in work in the three months to February than was the case at the same point last year.

The self-employed population grew by 148,000 – adding more new jobs than the employee population which grew by 144,000.

Lorence Nye, IPSE Economic Policy Adviser, commented: “Self-employment remains an absolutely crucial catalyst for the continued strength of the UK labour market as today’s figures show.

“In the past year the self-employed population accounted for more new jobs in our economy than employee roles. The self-employed have been more than pulling their weight since the recession of 2008, accounting for 40 per cent of the total growth in employment.

“The latest figures really underline the fact that the self-employed have been essential to the UK economy and their overwhelming worth and value should be nurtured and encouraged by the Government rather than damaged. Targeting them to gain higher tax revenues will only have wider damaging ramifications for the economy.

“The highest number of people in work for 32 years is clearly something to be celebrated. We must also ensure that work is of a sufficient quality to provide fulfilment and opportunity for individuals.”