SMEs are set to generate £16 billion for the UK economy each year by the end of 2020, a new report commissioned by energy firm npower shows.
The key cities tipped to see the biggest rise in SME growth, despite Brexit, are London, Bristol, Leeds and Brighton. All the top 15 cities combined are likely to create a total of 200,000 new jobs by 2020, with over 36,000 jobs being created in London alone.
The metrics considered regional economic outlook, change in the number of SMEs in the city since 2010, share of fast-growing SME industries, and quality of the business environment (workforce skills, property costs and broadband speed).
Commenting on the findings, CBE & Board Advisor at the Centre for Entrepreneurs, Dale Murray, said: "Growth of SMEs will be crucial to the British economy over the next five years … Policy makers must recognise how vital business rates, living conditions and workforce skills are to attracting SMEs and do everything they can to support them."
At Beavis Morgan we work with a wide range of businesses of all sizes and across many different business sectors, helping them with strategic planning, system implementation, business turnaround and improving business performance for the future. For further information about how we can help you and your SME business, contact Steve Govey or your usual Beavis Morgan Partner.