There are over five million small businesses in the UK, generating £1.2 trillion for the economy. Since 2010, private sector employment has grown by nearly 2.5 million and small businesses accounted for 65 percent of this. These figures demonstrate the contribution small businesses have made to the nation’s record employment rate of 73.7 percent.
New Enterprise Allowance is helping on average 70 new businesses start every working day. Our welfare reforms and dedicated Jobcentre Plus staff are also giving more people the extra support and flexibility they seek to take up new opportunities that these small businesses are creating as our economy goes from strength to strength.
This news coincides with Small Business Saturday – a campaign that celebrates small enterprises and the role that they play in strengthening local communities and generating economic growth. It culminates today with various public events and visits by members of government to small businesses across the country.
“Our five million small businesses are the beating heart of our economy, providing millions of people across the country with the security of a job,” commented small business minister Anna Soubr.