The depressing truth about Britain's labour market

The number of people in self-employment has rocketed since 2008. But it's not evidence of a thriving entrepreneurial economy. It’s a sign of desperation.

There was something rather sad about some of the numbers out today from the Office for National Statistics (ONS).

They showed that the number of self-employed people is up by 367,000 since 2008, with the majority of the rise being between 2011 and 2012. Well over 80% of the rise was in the over 50s. There are now 4.2 million self-employed people in the UK.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.