Small businesses growing at fastest rate since 2008
Enterprise Research Centre claims over 600,000 new jobs were added to private sector in 2014
The number of small and medium-sized businesses in the UK is growing at the fastest rate since the financial crisis in 2008, data from the Enterprise Research Centre (ERC) has indicated.
The report claims that more than 600,000 net new jobs were created in the private sector last year as Britain’s small businesses “regain the ground lost” in the recession as the economy recovers.
During the last seven years, it is estimated that while 13 million UK jobs were lost, 13.4 million were created over the same period. However, it was only last year that net private sector job creation became positive.
Business secretary Sajid Javid has said that the government’s new enterprise bill will aim to cut red tape for small businesses by £10bn over the next five years, as well as create a Small Business Conciliation Service to help settle financial disputes between small and large businesses.
Anna Soubry, small business minister, commented: “Small and medium businesses in every corner of the UK have shrugged off adversity to create jobs and grow at the fastest rate since the financial crisis.
“We will continue to back them and the 15 million people they employ by cutting red tape, setting up a Small Business Conciliation Service and looking at improving the business rates system.”