Just a decade on from the global economic crisis that rocked leading world economies and reshaped the way that we view everything from banking to employment, the Brexit process is due to make waves in the UK economy once more.
Ever since the announcement of the UK’s European Union leave/remain referendum, experts have disagreed wildly (and vocally) on what leaving the EU will do to the UK economy. The debate rages on, but in reality nobody can ever say with certainty what’s around the corner.
James Trescothick, Reputation and Education Manager of pioneering forex and CFD broker easyMarkets, comments,
“Facing such uncertainty is driving families in the UK to look for new ways to diversify their income streams. The triggering of Article 50 is getting ever closer and people are looking to prepare themselves for any economic shocks that may be on the cards. As a result of the global economic crisis, we saw a notable shift in the composition of the jobs market, and people have learned lessons from that.”
Trescothick is referring to the expansion of freelance working in the UK over the past decade. Labour Force Survey data has revealed that freelance worker numbers have risen by 36% since 2008. There are now 1.91 million freelance workers based in the UK, of whom 1.65 million freelance as their main job. That’s 6% of the overall workforce made up of freelancers. The figure is so high that the Trades Union Congress believes that the potential tax hit to the Treasury, as a result of the increase in self-employment, could be as much as £4 billion per year.
Freelancing is a great way to diversify your income streams. Working for several clients means that if one drops off the radar, the overall hit to the freelancer’s income needn’t be a disaster.
With much the same goal in mind, easyMarkets is seeking to empower individuals to beat Brexit through financial education. The idea is simple – trading is no longer for a select few, but for everyone. The democratisation of trading will enable anyone with an interest in currencies and commodities to take forward their passion, hone their skills and diversify their income.
In order to pursue this initiative, easyMarkets is launching a brand new range of educational materials, specifically designed to teach people how to understand currency and commodity trading. The videos and other materials will be available initially to all users of the easyMarkets website – no account is needed in order to access them.
The future won’t ever be predictable, but at least with an extra financial string to their bow, families can face it with a little more certainty.
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