With the inflation rate remaining at 2.4 per cent, the IPSE is urging the government not to introduce policies that would increase inflationary pressure and make target harder to hit.
On top of this, they’re also advising for them not to extend changes to the IR35 legislation with regards to the private sector, as this would hit many self-employed not only with inflationary pressure, but unfair taxes too.
IPSE’s Economic and Political Advisor, Tom Purvis, commented, “According to our Freelancer Confidence Index, 78 per cent of freelancers believe their costs will increase in the next 12 months. They believe this could be by as much as 11.6 per cent.
“The main source of upward inflationary pressure is the rising cost of transport. This is because the price of oil has increased recently. Add to this the ongoing trade war, and the chance of inflation rising is much higher.