Good news out of the UK as welfare reforms appear to be working well.
Benefit cuts are pushing more people into self-employment and helping to create a new generation of entrepreneurs, the Bank of England has suggested
The Bank announced that one of the most â€śstrikingâ€ť features of the economic recovery has been the record 4.5â€‰million Britons who are now self-employed.
According to official figures, the number of self-employed workers has risen by more than 600,000 since 2010, accounting for more than a third of the 1.5 million new jobs created since then.
The Bank said the trend was partly down to government welfare reforms, such as the ÂŁ26,000 benefits cap, pushing people back into work. Iain Duncan Smith, the Work and Pensions Secretary, claimed that the figures were evidence that the Coalition was reviving Britainâ€™s â€śentrepreneurial spiritâ€ť.
He told The Telegraph: â€śEvery one of our welfare reforms has been about getting Britain working, so itâ€™s encouraging to see the Bank of England explicitly linking our reforms with the strength of the UK labour market. Â Â Read more »