Colin Williams, a public policy professor, shared an article on the likelihood of a million people in the UK planning to give up self-employment because their earnings had been exhausted due to the Covid-19 pandemic.
A London School of Economic (LSE) study revealed that the two-decade long trend of people choosing to work for themselves was under threat, much ahead of the release of the official data that was most likely to report a jump in unemployment rates.
The LSE’s Centre for Economic Performance (CEP) study further found that in August, when economic activities resumed after the first lockdown, about 58% of the UK’s self-employed workforce had less work than earlier.
About one-fifth of the self-employed workers contemplated quitting work altogether, rising to 58% for those below 25 years.
Stephen Machin, co-author of the report and director of CEP stated that self-employment, a key trend in the labour market, was showing early signs of reversing.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The CEP, who surveyed 1,500 self-employed workers, also found that approximately 32% of the surveyed workers had less than ten hours of work every week in August.