Number of private UK businesses reaches all-time high
13 October 2016
The amount of private sector businesses operating in Britain has reached a record high, with small firms accounting for the vast majority in every main UK industry sector.
New statistics from the Department for Business, Energy and Industrial Strategy (BEIS) have revealed that private UK businesses now total 5.5m, as the nation’s overall business population has grown significantly in the last six years.
The government’s report, Business Population Estimates, found that at the beginning of 2016, the UK had one million more small firms, 4,000 more medium-sized companies and 900 more large businesses, compared with 2010.
The total number of businesses has therefore increased by 23 per cent in the intervening years since 2010.
Small business minister Margot James welcomed the acknowledgment of smaller UK companies in the government’s findings.
She said in a statement: “There are a million more small businesses now and it’s important to recognise the great contribution they make to local communities and the national economy”.
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