Recently, the Department for Business Innovation and Skills 2008 released Statistics for the UK and Regions of Small and Medium-sized Enterprise (SME).
SMEs Role in UK Economy
- There were 4 million small businesses in the UK in 2003, which is now up to 4.8 million in 2008.
- Around 3 million businesses are only owners.
- Around 1.3 million are companies.
- 462,000 are partnerships
- Less than 20 people are employed by 97 percent of firms.
- Fewer than 5 people are employed by 95 percent of firms.
- Every year, many people, 500,000 people start their own businesses.
- More than 59.4 percent are employed by small and medium-sized firms of the private sector work force.
- Small and medium-sized firms employ 13.7 million people.
- More than 50.1 percent of the UK turnover is contributed by small firms.
- Small firms contribute to 64 percent of commercial innovations.
- Of all private sectors enterprises operating in Business Services which contribute to 25 percent.
- Wholesales, retail or repairs of all private sector enterprises operate contribute 21 percent.
- The tax is collected by small firms and they pay VAT, Tax, NICs and other duties which help pay for the public services.
- Of all, there are 33 percent of UK enterprises in London and the South-East.
- More than 2 million people run their small-businesses from home.
- Around seven and half million people work from home for their boss.