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UK Economy Showing a Boost in Entrepreneurs

Statistics from the small business group have shown a rise in entrepreneurs in the UK of around 146,000 new small businesses over the previous year, reaching a record of 5.4 million private sector businesses. It is reported that small businesses account for 99.3 per cent of all private sector businesses, according to a statistical release […]

By Laura Nixon on 22 Oct 2015
Read time: 1 minutes

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Statistics from the small business group have shown a rise in entrepreneurs in the UK of around 146,000 new small businesses over the previous year, reaching a record of 5.4 million private sector businesses.

It is reported that small businesses account for 99.3 per cent of all private sector businesses, according to a statistical release from the Department for Business Innovation and Skills; and that they totalled an employment of 15.6 million in the UK.

These recent statistics show the vast growth of the UK small business economy and how these small businesses underpin the importance of growth and employment. The report also showed the 76 per cent of these small businesses were in fact contractors, or the self employed, making the contracting industry one of the largest segments in the UK new business market.

The increase in these numbers means that the entrepreneurial catalyst is booming in the UK SME (small to medium enterprises) market. People seem to have been taking the risk with making the move to contracting and reaping the rewards.

John Allan, National Chairman for the Federation of Small Businesses (FSB) said, “The key is to continue to encourage people to take the plunge and set up their own business, by providing business support that will help them grow and meet their aspirations”.

“To do this, they need further reassurance from government and policymakers that they will back them, rewarding their risk-taking while minimising the burdens that will hinder their growth” Allan added.

If you are thinking of taking the plunge and becoming a contractor, you can contact our new business team with any queries you may have on 01253 362062 or email contractoradvice@nixonwilliams.com

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