The UK has a record 5.4 million private sector businesses thriving throughout the nation according to new government figures. Small firms carry 48 per cent of all the private sector employment and are providing the UK economy with 1.2 trillion pounds.
Below shows the growth from the year 2000 to 2015 in the UK private sector business population.
The latest British Population figures from the Department of Business, Innovation and Skills, suggests that self-employment is extremely popular (50 per cent of working people could be self-employed by 2020). There are 35,000 more employed people in the UK now then in 2014. As more people have started a business this year, there is an extra 1,000 small businesses that employ between 50 and 250 people since 2014.
In England there are 4.7 million private businesses, in Scotland there are 340,000, 213,000 in Wales and 117,000 in Northern Ireland.
The figures have also shown since 2014, small businesses with employees have grown by 18% and medium-sized employers have grown by 21%
Larger businesses fell by 3% because of things like mergers and takeover actions. Total employment in SMEs has increased from 15.2 million (Q1 2014) to 15.6 million in 2015.
With all this in mind the Government is now focused on growing the economy even further and claim they are aware that SMEs, whether small or medium, are the main strength of the UK economy. They represent 99.3 per cent of all businesses in the UK and they provide over £1 trillion in turnover for the economy.
Anna Soubry, a business minister has shared her views on these thriving figures;
‘‘its fantastic news there are now a record number of businesses in the UK, creating jobs and ensuring our country’s economic security,’’
She went on to say,
‘‘but with risks in the global economy, this government is determined to continue to back our businesses and grow our economy.’’