Freelancers slashed their day rates by an average of £90 last quarter in a bid to win work during a cooling jobs market, the UK’s freelance trade body said today.
The Freelancer Confidence Index, a quarterly survey run by self-employed trade body IPSE, found that the average freelance day rate stood at £457 in Q2 2024 – down from £547 in the previous quarter.
Andy Chamberlain, IPSE’s Policy Director, said: “We usually see a seasonal drop in day rates in the second quarter of each year, but this year’s data shows that freelancers have cut their rates more aggressively than usual.
“We expect this is down to the wider cooling of the jobs market, as hirers cut back on recruitment plans in the face of higher interest rates. Freelancers are responding to this by slashing their day rates in the hopes of remaining attractive to hirers with tighter budgets.”
ENDS
Latest self-employed news & opinions
IPSE's Josh Toovey reviews what the introduction of identity verification at Companies House will mean for company directors and outlines why it could be complica...
IPSE’s Josh Toovey argues new late payment laws will protect freelancers with capped terms, automatic interest, and stronger powers to deter repeat offenders.
IPSE has welcomed new measures to tackle late payments to freelancers and small businesses.
