Small firm heroes helping to save UK economy

Small businesses are a crucial driver of the UK economy.  Working out of garages, High Street shops, offices on business campuses or at home, small business owners provide 59.8% of the new jobs created every year, represent 99.9% of all UK business and have an estimated collective turnover of £1,589 billion.  Below some interesting stats from the Forum of Private Business:
  • There are 4.8 million small businesses in the smallUK (up from 4 million in 2003)
  • 3.6 million businesses are sole proprietors
  • 1.3 million are companies of which 747,000 have employees
  • 444,000 are partnerships
  • 97 per cent of firms employ less than 20 people
  • 95 per cent employ less than 5 people
  • Over 500,000 people start up their own business every year
  • Small and medium-sized firms employ more than 59.8 per cent of the private sector workforce
  • 22.8 million people work in small and medium-sized firms
  • Small firms contribute more than 49 per cent of the UK turnover
  • 64 per cent of commercial innovations come from small firms
  • Wholesale, Retail and Repairs was the biggest employer at the start of 2009
  • The 563,000 enterprises in this sector employed 4,853,000 people (21.3 per cent of all UK private sector employment)
  • Small firms collect and pay Tax, NICs, VAT and other dues which help pay for public services
  • Around 1,580,000 of all UK enterprises are in London and the South-East
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About Wanobe, the business knowledge network
Writer, journalist and broadcaster, sixty-something David likes nothing better than being with family and friends, eating out and drinking great wines, and scuba diving.

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