SMEs: Lifeblood of the UK economy

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Recent data from the Office of National Statistics suggests that there are over one and a half million (1,667,265) SMEs in the UK, with over seventy percent of the UK’s SMEs registered as micro businesses – an indicator that the appeal in developing a business from scratch is far from being in the decline.The importance of small and medium sized businesses to the economy is significant with over fifty-one percent of total revenue and over sixty percent private sector employment driven by SMEs and because of this, it’s becoming more important than ever before to ensure these enterprises are supported in every way possible to protect the UK economy.Bizdaq – an online platform for the buying and selling of businesses – has created an interactive online map that provides an overview of UK SMEs, including which regions are most and least heavily saturated with SMEs and which industries are dominating the SME landscape.

Housing just under a quarter of a million (246,840) SMEs alone, the SME capital of the UK is London. Followed by the South East contributing fourteen percent (232,820) of the UK’s SMEs and the North West which is home to ten percent (176,845).

In contrast, the UK regions with the least number of SMEs include Northern Ireland with just under fifty thousand (48,865) SMEs, Wales with just over seventy-three thousand (73,825) and the North East with over eighty-five thousand (86,160). The dominating SME industries in the UK are the retail trade, repair of motor vehicles & motorcycles, accommodation & food services, and education.

If this has whet your appetite to start your own business, contact us for tailored accountancy & advice and SME support.


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