Million people may quit self-employment

A million people may quit self-employment in Covid-hit UK

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Due to the impact the coronavirus crisis has had on their careers, up to a million people in the UK are planning on giving up being self-employed.

This comes after a report from the London School of Economics (LSE) found that a two-decade long trend in favour of more people working for themselves was under threat, reported the Guardian.

The study, which was carried out by the LSE’s Centre for Economic Performance (CEP), discovered that back in August, 58% of the UK’s five million self-employed had worked less than normal. A fifth of those self-employed shared expectations of quitting altogether, rising to 58% for those under the age of 25.

Speaking on the findings, Stephen Machin, co-author of the report and Director of the CEP, shared that while self-employment has long been a labour trend, the tides are now changing as a result of the damaging impact the pandemic has had on self-employed earnings.

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