Posted by AdviserDirect on 07/06/2019

Small and Medium Size Businesses Continue to Power UK Economy

Small and Medium Size Businesses Continue to Power UK Economy

GDP grows by 0.5 per cent in the first quarter of 2019, according to the Office for National Statistics quarterly national accounts

The largest contributors to this increase are the 5.7 million small businesses in the UK today – making up 99 per cent of businesses in the UK economy. SMEs continue to be the main driving force behind employment and innovation – providing 16.3 million jobs in 2018 alone, 60 per cent of all private sector employment in the UK.

Despite their evident importance and contribution, SMEs continue to be overlooked by banks – especially when it comes to borrowing to fund their working capital requirements and, ultimately, grow their businesses.

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