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  • Views from the flipside
  • Self-employment at record high, yet wages fall

Views from the flipside

man-with-saw.pngSelf-employment is steadily increasing, now at a record high of 4.8 million, with 1 in 7 workers currently listed as self-employed. However, a recent report conducted highlights that their earnings have fallen by £60 a week.

The new research by the Resolution Foundation shows that in 2014-2015, wages were on average £240 per week, compared to £300 per week in 1994-1995.

Adam Corlett, economic analyst at the Resolution Foundation, comments: 

"While the self-employed workforce is getting bigger, typical earnings are actually lower than they were 20 years ago.

"For many people, self-employment brings a freedom that no employer can provide. But the growth of low pay and short hours, along with a summer of protest about conditions, means that it’s no surprise some workers in the 'gig economy' feel that self-employment is just a positive spin on precarious work."

There is much uncertainty on the issue, with some suggesting the availability of low paying jobs and the financial crisis being contributing factors. The proportion of self-employed business owners with their own staff has fallen to 15%, compared to 23% in 2000.

Both Uber and Deliveroo recently came under fire with their self-employed workers striking due to pay conditions and working hours. Uber ‘has 40,000 drivers in the UK, so the result could have a significant impact on its costs.’

We understand that there is opportunity for self-employed workers to utilise alternative finance providers to support development and help minimise the shortfall in earnings, offering funding options that can cover a range of business critical costs, such as recruitment and expansion. Our Business Development Loan available over a period of 12 months to 5 years* can support a variety of costs, such as marketing, refurbishment, training and recruitment costs, expansion and more.

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*The 5-year term is available only to professional firms in the legal, accounting, architectural and healthcare industries.

Why choose White Oak UK?

  • No red tape, so you can receive funds in as little as 24 hours
  • We accept 4 out of every 5 applications
  • Apply quickly and easily with E-sign loan documents
  • You’ll always speak to the same person
  • Free up cash flow for other areas of your business
  • Tailored finance agreements to suit your specific needs

Views from the flipside

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We could not have been happier. Banks as usual were a nightmare - they took over six weeks to eventually refuse for vague reasons unexplained. White Oak UK were professional, helpful, friendly, and best of all, fast.

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