Why SMEs are important to the UK Economy
An estimated 4.9 million of businesses in the UK are small and medium-sized enterprises (SMEs). This accounts for around 99% of all business in the UK.
These businesses are defined as any business with fewer than 250 employees. Though these businesses are small in size they have a huge impact on the UK economy, with the SMEs combined turnover at the start of 2013 being £3,300bn.
The Confederation of British Industry, a UK business organisation, has described small and medium-sized business as being the life-blood of the UK economy. With SMEs accounting for 54% of all firms engaged in exports, they have contributed greatly to the recovery of the UK economy.
A report from Barclay PR showed that in the last financial year, growth saw an increase in turnover of 14%. This means there was roughly £52,500 of new annual revenue per business in the last financial year, with smaller SMEs seeing the most growth at 18%, 4% higher than the rest of the UK.
With this growth increase SMEs are employing a large percentage of the UK workforce, 81.6% to be exact. This accounts for roughly 24.3 million people in the UK.
UK small and medium-sized business are imperative to the recovery and rebalancing of the UK economy and so should be provided will all the support needed to help them thrive and grow. Ultimately it is the entire nation that reaps the benefits.
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