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Economist from Self-employment group, IPSE, Lorence Nye, said: “The latest inflation figures are generally positive for the UK economy. Food and fuel prices have continued to fall, meaning more discretionary income for families in the UK.
“One major concern for freelancers will be the continued increase in travel costs. Both rail and air fares have continued to rise and this will directly increase the costs of doing business for self-employed people who tend to work all over the country and abroad.
“The figure has barely turned positive, so has a long way to go before reaching normality and a point where the Bank of England should consider increasing interest rates. In the Bank’s most recent inflation report they pushed back forecasts for when inflation will pick up, and we believe the path for interest rates should also follow suit.”
Key statistics for the self-employed:
- Transport services: prices, overall, rose by 6.6 per cent between June and July this year, compared with a smaller rise of 4.6 per cent between the same two months a year ago. The upward contribution came from most transport fares – notably air fares.
- Average petrol prices rose by 0.1p and diesel prices fell by 2.5p between June and July this year to stand at 116.5p and 118.7p per litre respectively.
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Susie Hughes © Shout99 2015
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