A rising number of British workers plan to become self-employed - and soon

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Budding entrepreneurs are eyeing launching businesses in retail and catering
Budding entrepreneurs are eyeing launching businesses in retail and catering (Source: Getty)

The number of British workers aiming to become self-employed has nearly doubled since last year, according to a new report by Aldermore.

Nearly three in 10 British workers — 29 per cent of them — aspire for a self-led career, which is up from 15 per cent in 2017.

And many are planning to make the move soon. Of the three in 10 workers who intend to transition, 18 per cent of them plan to start this year, while 28 per cent foresee the change happening within three years.

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“This is a significant increase from the four million in 2017, and we believe this will put the UK economy in good stead for the future,” Charles McDowell, Aldermore’s commercial director of mortgages, said. “It takes a lot of courage to make the major life decision to become self-employed, and it is encouraging to see almost three in 10 expect their revenues to increase in the next 12 months, which is a positive outcome in light of myriad uncertainties.”

The company’s research found that when considering the switch, financial fears were the largest concern among the 2,003 adult British workers surveyed, and their worries were backed by the financial states of the 1,002 self-employed adults surveyed. About half of them reported having experienced irregular income, and about 40 per cent of them reported inconsistent cash flow.

Additionally, seven out of 10 self-employed people reported that they found it harder to secure a mortgage.

Yet over 90 percent of the self-employed workers said they enjoyed being their own boss, and over half of the people surveyed said they made more working for themselves than when they worked for someone else.

Across the UK, the self-employed based in London were some of the most confident about revenue growth, with over a third anticipating a rise in revenue in the next 12 months.

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