Government stats reveal there’s one million more start-ups today than seven years ago
There is currently a record 5.7 million UK small businesses - who contribute £1.4 trillion in turnover and are responsible for 48% of private sector jobs
In the week following Small Business Saturday, the government has announced that 2017 is a record year for start-ups and small businesses in the UK.
A new announcement from small business minister Margot James has revealed that, at the beginning of this year, there was a record 5.7 million small businesses in the UK – an increase of more than 1.2 million since the start of 2010.
This latest business population estimates show that these start-ups are responsible for 48% of private sector employment and contribute £1.4 trillion in turnover.
In its release, the government reiterated its support channels for entrepreneurs and reminded business owners of some of the financial assistance available.
Since 2010, government support for smaller businesses includes:
- British Business Bank programmes supporting £3.4bn of finance to over 59,000 smaller businesses
- Over 50,000 Start-Up Loans worth more than £348m
- Increasing the amount central government spends with small business – central government contracts above £10,000 are openly advertised on the government’s procurement website, Contracts Finder
- A network of 38 local growth hubs which make it easier for start-ups and existing businesses to access the support they need
- Appointing a small business commissioner to champion the interests of small businesses and help drive a culture change in payment practises
- Additional support in the Budget included a 10-year action plan to unlock £20bn of investment in innovative firms, a £2.3bn package to reduce business rates bills and further freezes to fuel duty worth £850m a year.
Margot James, small business minister, said:
“This government is completely behind the UK’s 5.7 million small businesses – they are there, day in and day out, at the heart of our local communities.
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“They are the backbone of our economy, so I encourage everyone to think big by shopping small this Small Business Saturday.”