SHARING ECONOMY UK'S 2021 BUDGET SUBMISSION

The Office for Budget Responsibility states that the Covid-19 crises has delivered the largest peacetime shock to the global economy on record. The UK should be a platform for innovation as we build back better and our world leading sharing economy sector can play an important role.

Academic research found that in 2017 23% of the UK population used sharing economy platforms and 78% of 18 to 24 year olds use sharing economy services. These numbers have grown since and show that the sharing economy is now mainstream for young people, the same demographic who have had their job prospects hit hardest by the pandemic.

In a letter to the Chancellor, we have set our a series of recommendations to ensure that the UK’s already world leading sharing economy sector can continue to grow, drive innovation and increase productivity

SHARING ECONOMY UK’S BUDGET RECOMMENDATIONS TO THE CHANCELLOR INCLUDE:

• Enable more individuals to earn income in the sharing economy through a simplified tax system

• Follow international models to incentivise shared mobility for employees commuting sustainably

• Encourage investors in growing innovative modern businesses by reviewing venture capital schemes

• Back more Founders and new start-up businesses through funding and mentorship

• Extend the Coronavirus Job Retention Scheme beyond April 2021

JULIET ECCLESTON, SHARING ECONOMY UK CHAIR AND FOUNDER OF ANYGOOD?, SAID:

“The Sharing Economy has shown both its resilience and potential throughout the pandemic. It has however, like many been significantly impacted. With the majority of users of sharing platforms being the same demographic of people who have been the worst hit, there is both a need and an opportunity for targeted support.

We are asking the Government to work with us on the key areas that will directly impact the economy, create jobs, improve productivity and reduce carbon emissions. This support will enable the sector to maintain and further strengthen its position as a world leader.”

The 2021 Budget is due to be delivered by Chancellor Rishi Sunak on 3rd March

For more details about each of the recommendations, a copy of Sharing Economy UK’s letter to the Chancellor can be viewed here