According to a new study, 39 per cent of Brits have considered taking up freelancing, suggesting a renaissance in this form of work following a significant fall in freelance workers since 2019.

Despite the impact of IR35 and the uncertainty created by the pandemic and subsequent economic downturn, the freelance labour market is worth an estimated £303 billion to the UK economy.

It is not surprising given this success that a third of employees feel that they could make more money as a contractor, consultant or freelancer.

While improved pay was a motivator for many surveyed, many other key factors highlighted the attractiveness of freelancing, including:

• Flexibility – 49 per cent
• Improved work-life balance – 48 per cent
• Being their own boss – 48 per cent

While many commentators worried that numbers of self-employed workers might continue to fall post-pandemic, today’s research clearly shows that freelancing is back!

Brits are still keen to pursue freelancing, with a significant number thinking about swapping their full-time job for the dynamism, freedom and creativity of self-employment.

Despite the many positives of freelancing, study showed there were also many challenges with the sector, particularly the fundamental problems created by IR35 reforms.

Alongside this, 22 per cent of respondents identified the complexity of the tax system as a reason that they would not consider freelancing, while a quarter cited the loss of sick pay and holiday pay as deterrents.