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Strong growth continues in small business sector

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New figures published by the DTI's Small Business Service (SBS) showing an increase of around 260,000 firms operating at the start of 2004.

The latest statistics show this to be the highest year on year increase in the business population since the figures started in 1995.

Other findings show:

- The business population totalled 4.3 million last year, compared to around four million at the start of 2003.

- There were over half a million more businesses than in 1997.

- The increase in the number of businesses is spread across the majority of industries.

- The proportion of national employment generated by SMEs has increased from last year to its highest level in nine years.

- At least 95 per cent of businesses in all industry sectors were SMEs.

Announcing the figures, Alun Michael, said:

"We must continue to support new and existing businesses, and ensure that they are at the forefront of our efforts for encouraging a sustainable entrepreneurial culture.

"Not only do small and medium-sized businesses account for 99.9 per cent of the business population, they employ 12.9 million people and contribute more than £1.2 trillion in turnover.

"It is essential that we continue to build on this economic stability and help businesses succeed and prosper, by reducing the barriers that prevent enterprising individuals who want to start in business take those important first steps. That has become an increasingly crucial part of this government's approach to supporting a highly effective and competitive economy."

The full statistics can be downloaded from the Small Business Service website.

Posted August 26, 2005
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