UK private sector businesses exceed five million
Official figures show that the number of private sector businesses in the UK has reached five million for the first time, with the number increasing by 330,000 (6.7%) on 2013.
The country’s 5.2 million private sector firms fall almost entirely in the small category, with businesses employing fewer than 50 people making up 99.3% of the total number.
However, SMEs currently account for more than half of employment (60%) and almost half of turnover (47%) in the UK private sector, with small businesses alone (fewer than 50 employees) accounting for 48% of private sector employment and 33% of private sector turnover.
Commenting, Business Secretary, Vince Cable, says: “It’s a timely reminder that small firms make up the majority of our business community and it is those with the creativity and commercial nous that will continue our legacy as a world-leading enterprising nation.”