News

UK private sector businesses exceed five million

Posted at November 26, 2014 | Categories : News

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.”