UK SMEs are in their strongest position since the final quarter of 2015, according to our latest SME Health Check Index.
We looked at the big picture for SMEs by measuring eight key factors: bankruptcies, business costs, confidence, capacity, employment, gross domestic product, lending and revenue.
The UK's SMEs contribute £1.8 trillion to the economy each year and account for 99.9% of private sector businesses. They also employ upwards of 15.7 million people.
Despite a recent dip, we found that SME confidence is higher than it was throughout the whole of 2016 and most indicators have improved since the previous quarter. The number of bankruptcies fell markedly, lending to SMEs increased and business costs plateaued.
That said, the challenges that SMEs face today are signiﬁcant and they need support and expertise as we move through these unprecedented times. The future prospects of our regional economies are in no small measure dependent on the successful growth of SMEs.
In this video, Oliver Kolodseike, senior economist at the Centre for Economics and Business Research (Cebr) and Graeme Sands, head of business banking at CYBG discuss how SMEs are performing in the current business climate.
Copyright © 2017 David Duffy, ceo of CYBG, owner of Clydesdale and Yorkshire Bank.