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The biggest contribution to the fall came from a drop in air and sea fares. There had been a previous warning from the Bank of England that inflation could turn negative for a brief period this year.
Chancellor George Osborne said that the fall in the inflation rate was only temporary and should not be mistaken for 'damaging deflation', but that 'we have to remain vigilant to deflationary risks and our system is well equipped to deal with them should they arise'.
Optimistic
Freelancer and self-employed group, IPSE, felt that the majority of freelancers remained optimistic about the future.
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“However, the underlying strength of the labour market remains robust and data from IPSE’s quarterly Freelancer Confidence Index shows the majority of freelancers are optimistic about the economy’s future performance.
"We also know that average earnings for employees and freelancers continues to be ahead of inflation. The British public will appreciate the additional pounds in their pockets, and the one in ten self-employed people who often work abroad will welcome the lower costs of air travel.”
Key statistics for self-employed
- Business confidence has tripled amongst independent professionals since the last quarter
- 11 per cent of IPSE members worked in abroad the past 12 months
- 83 per cent of freelancers expect their daily rate of pay to either increase or remain at current levels in the next three months.
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Susie Hughes © Shout99 2015
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