Employment in Britain has been bolstered by the rapid increase in self-employment.
The boom results from a flexible economy rather than a job market which is weak, according to the Bank of England (helpfully pictured).
Now 15% of the total work force is self-employed. The Bank said the increase was part of a longer-term trend which was already in place before the financial meltdown in 2007.
It has been fostered by a rising number of women in the workplace and more people working after the traditional retirement ages, the so-called “silver entrepreneurs”.
Bank calculations indicate that people over 65 years accounted for nearly 40% of the self-employed at the start of 2014 whereas people aged from 25 to 34 made up 10.5%.
The Bank said there was “little evidence to suggest” that the recession had been a major factor in the rise of self-employment.
The most common forms of self-employment are sole traders, partnerships and limited liability companies, the Bank said. It noted that online marketplaces, such as auction sites, have been of great help in finding customers
"With internet commerce now widespread, it is much cheaper to set up an online business and there is less need for traditional bricks and mortar stores," the Bank said.
