Why you should be thinking about pensions now

Freelancing can be uncertain at the best of times, but do you really want to be feeling that uncertainty when you’re retired and want to enjoy your old age? Over 60% of self-employed workers don’t have a pension, nor are they putting in place long-term savings. Whereas, only 30% of employees don’t have savings.

Financial adviser Chris Wordsworth at investment firm Hargreaves Lansdown advises self-employed workers to have a personal cash reserve to secure them before they start long-term savings. Then when you’re ready to save for retirement “keep it simple” by putting “money aside in a cash Isa throughout the year”. 

Then you can move on to saving into a Sipp. Rebecca Robertson, an independent adviser with Evolution Financial Planning in Southend, Essex, says “the main benefit of pension saving over Isas or other savings accounts is that you get the government’s tax boost on top of your own saving.”

There is also the lifetime Isa, which the government gives you a bonus on for long-term saving. However, only those under the age of 40 are eligible.


Nearly 1 million temp workers can’t get on to the government’s apprenticeship scheme

In order to be eligible to be on the government’s apprenticeship levy scheme, a worker’s assignments must last a minimum of 12 months. This prevents around 960,000 temporary workers access to training. 

“We must end the scandal of locking temporary workers out of the system,” REC chief executive Neil Carberry said in a statement on Monday. 

“There are skills shortages in areas that training temps using levy funds could help to address, like hospitality, and health and social care.” 


UK gig economy more than doubles in three years, new data shows

Britain’s booming gig economy has more than doubled in size over the past three years and now accounts for 4.7 million workers, according to a report laying bare the increasingly precarious nature of employment.

As many as one in 10 working-age adults now work on gig economy platforms, up from one in 20 as recently as 2016, says the study, from the TUC and experts at the University of Hertfordshire.

Most gig workers do not work full-time. Typical jobs include taxi driving, deliveries, office work, design, software development, cleaning and household repairs.

This latest snapshot of the gig economy in Britain, part of a broader study spanning 13 European economies including Italy, Spain and Sweden, comes from a poll of 2,235 UK residents, aged 16 to 75, by the University of Hertfordshire, with fieldwork and data collection from Ipsos Mori.

Young people were found to be most likely to be using apps to find work that way, with nearly two-thirds of those working once a week aged between 16 and 34.

Men are more likely than women to undertake such work, while most people use more than one platform to earn a living.

Rachel Reeves, the Labour chair of the Commons business committee, said: “The government has been far to slow in tackling the fallout from the gig economy, which too often leaves workers exploited and victim to low pay and insecure work.”


Pimlico Plumbers boss calls Boris a ‘great champion for business

 During the referendum campaign, Johnson was reported to have said “fuck business” in response to corporate concerns about the effect of a hard Brexit.

Despite this, Charlie Mullins has still chosen to back him. 

In an interview broadcast on Sunday, Johnson defended his record as a campaigner for business.

“I can’t think of anybody in my party or any party that has stuck up for financial services in London during some very difficult times, and indeed I can’t think of anybody who has gone around the world championing UK businesses,” he told Sky.

Mullins called on the man running to lead the UK to “sort out the ‘gig-economy’ shadow hanging over businesses”.


Uber’s 3.9 million drivers are a major risk to the company’s bottom line

Judging by Uber’s stock (UBER) still trading below its $45 initial public offering price, investors haven’t forgotten about one major risk to the ride-hailing giant’s very existence.

 Uber made such a risk quite clear in its prospectus, which was dropped ahead of its headline-grabbing IPO in May.

Tusk Ventures CEO Bradley Tusk, Uber’s first public policy advisor hired by founder Travis Kalanick in 2015, says the company hasn’t made a mistake by not classifying its drivers as employees.

Wall Street has continued to warn investors over the regulatory risks associated with Uber and Lyft.


Calls for Government grants to support young creatives and end unpaid internships

Organisations are asking that the Government support young creatives who don’t have degrees, in order to support diversity in the creative industries workforce.

The report undertaken by the Partnership for Young London made up of more than 400 organisations, and the Roundhouse, recommends that “there should be access to the same system of student loans, and maintenance grants, for apprenticeships or those starting their own business without going through university. This would enable young people to develop their business with financial backing from the Government.”

These organisations are also asking for an end to unpaid internships and end to a degree requirement for many entry-level roles.  

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