The triggering of Article 50 in the not-too-distant future will signal a new era for the UK economy. Whether that new era will be one of incredible boom, or one of shocking bust, is hotly debated. Certainly, many of the gloomier predictions made regarding the UK’s economy, employment rate and housing market in the run-up to the referendum have failed to materialise. Sterling certainly took a beating, but the housing market didn’t fall apart, London’s Square Mile didn’t suddenly become deserted and the unemployment rate fell, rather than rising.
However, what will occur once the Brexit process is formally underway is anybody’s guess. Certainly for those families living and working in the UK, it’s time to batten down the hatches and prepare for a potential economic storm.
The impact of the global economic crisis of a decade ago on the UK’s employment market is an interesting comparison. The rise of self-employment – or the ‘gig economy,’ as it is becoming known – was born out of the crisis. The Trades Union Congress is now warning that as much as £4 billion per year is being saved by companies employing freelancers and staff on zero hours contracts, instead of regular employees. Those individuals are still working, just in a different way – one that generates less tax for HM Treasury and less financial security for the workers themselves.
Meanwhile, figures from the Labour Force Survey show that freelancer workers now account for 6% of the overall UK working population. That’s around 1.91 million individuals, an increase of 36% since 2008.
Whatever the outcomes of the Brexit process may be, prudent families are seeking ways to strengthen and diversify their income streams in order to prepare for it as fully as possible. Companies, too, are preparing for the unknown.
James Trescothick, Reputation and Education Manager at pioneering forex and CFD broker easyMarkets, commented on this issue:
“Leaving the EU is a huge step for the UK to take and we’re encountering many individuals who are nervous about its potential impact on their finances. Careful financial planning is essential with so many unknowns in the future, and that has prompted us to examine what we can do to help empower those who are seeking to take control of their financial future.”
The result is the launch of a brand new range of educational materials, designed to impart the knowledge needed for people to trade commodities and currencies with confidence. easyMarkets has long been at the forefront of democratising trading and, as such, is making the new range of videos and other educational materials available initially on its website to anyone with an interest in trading. No sign up process or account opening is required.
The new educational courses will support people to hone their financial skills and expand their understanding of how to trade and manage their money. For those looking to get ahead and beat whatever Brexit may throw at them, the future just got a little brighter.
Risk Warning: Forward Rate Agreements, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full risk disclaimer. Easy Forex Trading Ltd (CySEC – License Number 079/07).