Number of UK businesses at record high
Published: 25 November 2016
The number of private sector businesses in the UK has hit a record 5.5 million, according to official statistics released by the Department for Business, Energy and Industrial Strategy.
The Business Population Estimates report has revealed that, at the start of 2016, the UK had a million more small businesses, 4,000 more medium-sized businesses and 900 more large businesses, a total increase of 23 per cent compared with 2010.
Business and energy secretary, Greg Clark, said: “Britain’s businesses are the heroes of our economic revival and it is great to see the number of businesses rise by over a million since 2010.
“Our job creators don’t always get the praise and respect they deserve but we should be proud of our entrepreneurs, business leaders and innovators. The government is committed to ensuring Britain builds on its success and is the best place to start and grow a business.”
Small and medium-sized firms account for at least 99 per cent of businesses in every main industry sector. The total number of businesses in London has also reached one million for the first time and the number of businesses employing people across the country has risen for the third year running.
Small business minister Margot James added that there are a million more small businesses now than in 2010, and it’s important to recognise the contribution they make to local communities and the national economy.
Margot said: ‘This government wants enterprise to thrive; our Start Up Loans scheme has awarded more than £250million to new entrepreneurs and a network of growth hubs connect firms to advice and support.
“Today, we are also launching a consultation on the small business commissioner, who will be a strong representative for small firms across the UK.”
