By Max Clarke
Small to mid-sized enterprises (SMEs) comprise in excess of 99.9% of the total businesses in the UK, employing nearly 60% of the workforce and generating half of the UK’s turnover.
London emerged, from data published by the Office for National Statistics and analysed by Simply Business, at the chief source of both employment and turnover; employing 15% of the private sector total and generating some 30% of the UK’s turnover.
“This research clearly confirms the importance of SMEs in the UK private sector — particularly in terms of the number of jobs they provide,” said Jason Stockwood, CEO at Simply Business. “They really are essential to our economy.”
Recognising this vital contribution, the Coalition government have introduced a host of measures to foster the growth of private enterprise, specifically relating to improving financial support for businesses.
“These schemes are a step in the right direction, and do show commitment from the Government to support our SMEs. However the current economic conditions mean that SMEs are likely to continue to face challenges in the coming months,” continued Stockwood.
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