Freelance body welcomes ease in inflation
A freelance trade body yesterday welcomed fresh inflation figures, showing that the rate in March 2018 was the lowest for a year.
So pay is now starting to outpace inflation for the very first time since the EU referendum -- a development that freelancers and all other workers will embrace, said IPSE.
The rate itself – 2.3% - is also a positive sign for those who work for themselves, as it represents a move away from the prospect of higher fees for those in need of a commercial loan.
IPSE explained: “The fact that inflation is quickly falling towards the Bank of England’s two per cent target may also mean that the interest rate will now not need to be increased as quickly
“This would be welcome news for the many self-employed people who at some point need to borrow cash for their businesses.”
Falls in the prices of clothing and footwear (mainly for women) were the biggest contributors to the downward inflationary adjustment (it stood at 2.5% in February), according to the Office of National Statistics.
But transports costs went in reverse, increasing more in March 2018 than they did in March 2017, meaning the squeeze on freelancers who travel for work isn’t relenting.
“Self-employed people typically spend more time commuting, both to win new clients and complete projects for them,” said IPSE’s Tom Purvis.
“As a result, any rise in transport costs is bound to affect them disproportionately compared to other groups.”