Latest figures have revealed that the number of UK contractors setting up their own businesses has seen a dramatic increase recently.
The research, carried out by the Office for National Statistics, found that an incredible 84,000 more people took the freelancing and self-employment route in the three months to March this year.
This means that there are now 4.7 million people who are self-employed in the UK today.
This news has been very much welcomed by the Federation of Small Businesses (FSB), a non-profit organisation which prides itself on both promoting and protecting the interests of the self-employed and owners of small firms.
John Walker, National Chairman of the FSB, said, “It is great news that more people are taking the leap and going it alone as the record high in self-employment shows. With many people struggling to find work or a full-time job, we should be doing all we can to help those with entrepreneurial spirit to set up in business.
“The Government’s New Enterprise Allowance scheme is an excellent idea but needs to be extended if we want to see more budding entrepreneurs turn their ideas and enthusiasm into action.”
The government is also promoting a new £82million scheme, called Start-up Loans, which will help young people aged between 18–24 years old by offering loans reaching up to £2,500 to put toward starting up their own business.
The loan lasts up to five years and has an interest rate of RPI plus 3%. The Start-up Loans project will not just offer the support of money, but can also provide training programmes and mentoring for those who sign up for the additional help.
This is great news for young people, who are looking to start up their own limited companies and businesses, but just don’t have the funds or support to do so on their own.