Private businesses in the UK now employ 24.3 million people and turn over £3.3 trillion, new government figures find.
The number of private sector businesses is growing, and is approaching the 5 million mark.
In moving past the record levels discovered last year, government research shows that there are now 4.9 million in Britain.
Commenting on the findings, business secretary Vince Cable says, ‘[The] figures are a timely reminder of the number of people willing to try their hand at business.
‘They also show an encouraging regional story with the figures for the North West and Yorkshire and the Humber particularly positive.
The government has also provided a breakdown for SMEs, which suggests that those employing fewer than 250 people are growing in significance.
The 4.9 million business counted are almost entirely in the small and medium-sized category and employ 14.4 million turning over £1.6 trillion. Those hiring less than 50 staff count for nearly half of all businesses and a third of private sector turnover.
More on business creation in the UK:
- Business creation rebounds after thousands lost to the recession
- Fear or risk turning off potential entrepreneurs
Enterprise minister Matt Hancock adds reveals that there are now 447,000 more businesses than in 2010, which means growth of 10 per cent.
‘Britain is turning a corner with a record 4.9 million businesses now trading across the country,’ he adds.
‘There is much more to do, not least to make it easier to employ people and create jobs, like with the new £2,000 Employment Allowance that from April will cut tax on jobs in every company, large and small.’
The Employment Allowance involves a discount off of an employer’s national insurance bill which is predicted to remove a tax on jobs for 450,000 small businesses.
