Record Number of Self Employed Helps Keep Unemployment Down

An increase in the number of self employed people has contributed to an unexpected fall in UK unemployment last month, giving hopes that the labour market may be in a healthier condition than feared.

The number of people in part time work also increased, whilst the number of full time employees fell.

People claiming jobless benefits fell by 3,700 to 1.5 million in October, the Office for National Statistics revealed. Most economists had predicted an increase of 5,000.

UK economist Alan Clarke said: “The thrust of the data suggests that the labour market conditions are not deteriorating as much as they were in recent months – but nor are they getting any better.”

The ONS said the number of people in work was at its highest level since February 2009, which was mainly due to the increase in the self employed, which is now at a record high of 4.03 million. The number of part time workers increased by 94,000 to 6.76 million.

However, public spending cuts are expected to increase unemployment in coming months, with 490,000 public sector jobs to be axed over the next four years as part of the deficit reduction programme.

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that’s enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m, sealing his status as one of the most highly respected tax consultants working in Scotland today.

Ricky leads all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.