Why SMEs are key to the UK's economic recovery

Why SMEs are key to the UK's economic recovery

August 12, 2011 by Jason Stockwood

Business insurance provider SimplyBusiness has created an infographic based on recently published Office for National Statistics data that shows just how important SMEs (small and medium-sized businesses) are to the UK economy.

Some key facts include:

  • SMEs make up 99.9% of the total number of businesses in the UK.
  • SMEs provide 59.1% of all private sector jobs.
  • SMEs generate 48.7% of total public sector turnover in the UK.
  • London provides the most private sector jobs (15.8%) and makes the biggest contribution to turnover (30.5%).
  • The South East has the largest number of enterprises (16.3% as compared to London’s 15.8%).
  • Construction accounts for 20% of all UK enterprises, while the wholesale and retail trade sector employ the largest percentage of people (21%) and make the biggest contribution to turnover across all industries (37% - estimated at £1,186bn).

SimplyBusiness Infographic

(See it full size in a new window.)

Comments

And, as explained in this article (http://www.sme7.com/sme/2011/07/why-our-sme-sector-feels-abandoned/), is the one sector which the government have done pretty much nothing to help! Not that it matters, because we will take care of ourselves through private initiatives like http://www.SME7.com and http://www.Link4Growth.biz. Good job "enterprising" is one of our common traits. :)

that is why SMEs need a decent internet connection, and many of them are not in the city centres and are still on rural dial up or sub megabit connections.

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