A new study has revealed that the number of small, medium and large businesses operating in the UK reached an all-time high at the beginning of this year.
The figures come from data gathered by the Department for Business, Energy and Industrial Strategy (BEIS) – and suggest that Britain’s business world is thriving.
At the beginning of 2016, there were 5.5million private sector firms operating in the UK, according to BEIS.
Data found that small businesses were leading the way – equating to approximately one million of all new businesses recorded at the beginning of the year.
Up to 4,000 medium-sized businesses and 900 large businesses were new in comparison, according to BEIS’ statistics.
Commenting on the data, 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.”
Adam Marshall, director general of the British Chamber of Commerce, added: “It’s great that the UK remains a fantastic place to start a business, and that we’re seeing more firms making the leap from start-ups to larger firms.
“The challenge now, at a time of transition and change, is to ensure the best possible environment for businesses to invest, recruit and grow.”