South West sees surge in number of self-employed
The South West has seen the highest rise in self employment despite the drop in the number of people working for themselves, according to new analysis .
Up to 40,000 more workers turned to self-employment taking the total to 438,000 in the region – a 10 per cent increase on the past year, according to the most recent Government data.
Just three other regions – Wales, Northern Ireland, and London – recorded increases in the number of self-employed in the past year. London has the most self-employed people at 757,000 out of the UK total of 4.24m.
The numbers of self-employed people fell in every other region with the North East of England recording the biggest drop in numbers at 14 per cent followed by the North West which saw a six per cent decline. Across the UK the number of self-employed people fell by just one per cent.
Pension provider iSIPP says a key reason for the drop in the numbers of self-employed is people returning to full-time employment to benefit from the safety of employer-funded pensions.
Its recent research shows one in six people who stopped pension saving entirely or who reduced contributions last year did so because of a change in their employment status.
iSIPP managing director Hrishi Kulkarni said: “Self-employment is going strong in the South West with the region recording a 10 per cnet increase in the number of people working for themselves despite the overall decline across the UK.
“While many value the freedom of working for themselves there are clearly benefits from working for an employer and a company pension scheme is a major attraction.
“Anyone considering working for themselves should look to continue their pension contributions once they stop working for an employer. They can also combine any existing pensions as consolidation could substantially save money and help increase the funds available to them at retirement. iSIPP makes it easy to combine pensions, make contributions and gives you control over your investments.”
