The UK’s private sector has grown by 102,000 businesses in the past 12 months, according to government figures from the Department for Business, Innovation and Skills.
There are now 4.9 million private sector businesses in the UK, most of which are small and medium-sized enterprises (SMEs) employing fewer than 250 people. Nearly half of these employ fewer than 50 people.
Private sector SMEs employ 14.4 million people, with a combined turnover of almost £1.6 trillion.
Since 2010, Britain has seen a 10% increase in businesses. Government initiatives, such as the upcoming £2,000 employment allowance, aim to help boost these numbers further.
Enterprise minister, Matthew Hancock, said “The government wants to make the UK the best place to start and grow a business. In the autumn it will launch a public campaign to celebrate great British business success stories. The government wants to inspire other small businesses and point them towards the support that can help them grow.”