We look at some of the key figures from 2015 for the UK's business, highlighting some of the growth the UK has experienced.
Business is Booming
- There were a record 5.4 million private sector businesses at the start of 2015
- This is an increase of 146,000 since 2014 and 1.9 million more since 2000
- The number of employing businesses increased by 35,000 and the number of non-employing businesses by 112,000
SMEs and the UK Economy
- Small businesses accounted for 99.3% of all private sector businesses at the start of 2015 and 99.9% were small or medium-sized (SMEs).
- Total employment in SMEs was 15.6 million; 60% of all private sector employment in the UK.
- The combined annual turnover of SMEs was £1.8 trillion, this equals 47% of all private sector turnover in the UK.
- There were 2.4 million businesses registered for VAT or PAYE, 44% of the total population. A further 3.0 million are not registered for either VAT or PAYE.
Location and Industries
- The business population in southern England is larger relative to resident population than elsewhere in the UK.
- SMEs account for at least 99% of the businesses in every main industry sector.
- Just under a fifth of all SMEs operate in Construction, compared to just 1% in the Mining, Quarrying and Utilities sector
The numbers show just how significant SMEs are to the UK and its economy; and we are proud as a company to support our clients - many of who fall in to this category.
Figures obtained from the Department for Business, Innovation & Skills.