Number of UK businesses hits record high

The number of private sector businesses in the UK has hit a record 5.5 million, according to official statistics from the Department for Business, Energy and Industrial Strategy. The Business Population Estimates show that, at the start of 2016, the UK had a million more small businesses, 4,000 more medium-sized businesses and 900 more large businesses, compared to 2010 – a total increase of 23 per cent.

Small and medium-sized firms account for at least 99 per cent of businesses in every main industry sector. The total number of businesses in London has also reached 1 million for the first time and the number of businesses employing people across the country has risen for the third year running.

Business and Energy Secretary Greg Clark said: "Britain’s businesses are the heroes of our economic revival and it is great to see the number of businesses rise by over a million since 2010. Our job creators don’t always get the praise and respect they deserve but we should be proud of our entrepreneurs, business leaders and innovators. The government is committed to ensuring Britain builds on its success and is the best place to start and grow a business."

At Beavis Morgan we work across a broad range of sectors, advising entrepreneurial people with business ideas and an appetite for financial growth. If you would like to discuss how we can help you improve business performance, contact Steve Govey or your usual Beavis Morgan Partner.