New official figures reveal that almost 200,000 new small businesses have been formed in the UK this year so far.
Data from the Department for Business, Energy and Industrial Strategy (BEIS) suggests that the total number of small and medium-sized enterprises (SMEs) operating in the UK has soared to an all-time high of 5.7 million.
Since the year 2000, more than 2.2 million new SMEs have been formed, BEIS’ report reveals.
It adds that Britain’s SMEs now generate approximately £1.9 trillion in turnover every single year.
The Federation of Small Businesses (FSB) has welcomed the figures, which it says reflect the strength of our nation’s entrepreneurial spirit in the face of political uncertainty.
Mike Cherry, National Chairman of the FSB, said: “Despite rising costs and flagging consumer demand, we still have ever more people taking the brave and exciting step of starting a small business.”
He added that, despite 2017 being a somewhat tough year for businesses, the research demonstrated that Britain’s entrepreneurs and start-up businesses were “not easily shaken.”
BEIS’ data also found that SMEs now make up 60 per cent of all employment within the private sector, and generate more than half (51 per cent) of all private sector turnover.