Most Brits don’t know what this is…
The Gig Economy
Do you know what five million plus people that make up the freelance and self employed sector of the British economy are called?
‘’The Gig Economy — a labour market characterised by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.’’
More and more people are joining The Gig Economy revolution in search of more flexibility, no boss, following their passions and more time with the family.
Trades such as writers, trades people, vloggers, drivers, accountants, health fanatics, retailers, marketing specialists, creatives and financial advisers etc are all seeing the benefits of taking the plunge and going either totally self employed or working as a freelancer.
With a drop in population in the public sector, there has been some illumination on the working rights of self employed and freelance people.
As it stands, freelancers and self employed people do not have the eligibility to establish their pension, have holiday pay or maternity leave and yet they are contributing heavily to our economy firstly in tax and secondly in growth.
Bill Wilson, a BBC business reporter, covers these issues in ‘What Is The Gig Economy?’—
The status of gig economy workers is of importance to the government, as last November’s Autumn Statement showed for the first time how it is cutting into the government’s tax take.
The Office for Budget Responsibility (OBR) estimated that in 2020–21 it will cost the Treasury £3.5bn.
Chancellor of the Exchequer Philip Hammond said then he would look to find more effective ways to tax workers in the UK’s current shifting labour environment.
It’s certainly encouraging to see the powers that be are recognising this shift in the economy as are many business. Companies such as Uber and Deliveroo thrive off of their staff that crave flexibility. Furthermore, the Fintech industry have embraced the change and new banks are arising to support the Gig Economy population. We at Hatch will offer, when we launch, quick business account set up times, expenditure tracking and saving schemes that ensure cash flow isn’t a problem when you’re aiming to buy a property or expand your business. Check our website to receive early updates…
With all this support in order, if you haven’t already, why not take the plunge into The Gig Economy.
Check out our 10 Ways To Kick Start Your Own Business to get you going. If you’d like some support as active freelancers or if you’re about to take join The Gig Economy, why not join our Slack group The Hatch Collective — a fun hub for serious freelancers and self employed people. Our Community Support Crew are waiting to meet you and get you started.
Written by Roberta Morris. Published 20th June 2017.