SMEs provide 60% of UK’s employment
03 July, 2011
BIS (Department for Business, Innovation and Skills) published statistics recently that showed how the UK economy relies on SMEs that provide 60% of all the UK’s employment.
There were approximately 4.5 million private sector firms in the UK in January 2010 that had a turnover of £3.2 trillion and provided employment for 22.5 million people. These figures include contracts for umbrella company contractors.
A total of 99.2% of these firms are defined as small as they employ between 0 and 49 employees.
Mark Prisk, business and enterprise minister, said that it was encouraging to see the increase, especially during times of recession and that the coalition would be encouraging more entrepreneurs to set up their own business as well as helping existing new ones.