Small businesses in the UK tops 5.7 million

The UK’s small businesses contributed 1.9 trillion pounds to the economy this year, according to new figures from the Department for Business, Energy and Industrial Strategy.

In addition, the number of small businesses has grown by 2.2 million since 2000 and now accounts for 99.3 percent of those in the private sector. In the last year alone the number of small businesses has grown by 197,000 over the last year, topping 5.7 million.

Small businesses, with retail accounting for a large number of these, employ around 16.1 million staff, 60 percent of all private sector employment in the UK.

These figures were released ahead of Small Business Saturday, which takes place on December 2. Last year customers spent 717 million pounds with UK small businesses on Small Business Saturday, an increase of 15 percent on 2015 spending.

Small businesses have grown by 197,000 over the last year, topping 5.7 million

The Federation of Small Businesses is calling on people to support their local independent business this weekend for the fifth annual Small Business Saturday event.

Mike Cherry, Federation of Small Businesses national chairman, said: “It’s great the campaign has been so successful in highlighting and promoting the now record number of 5.7 million small businesses working hard across the UK.

“Many of them are facing mounting pressure, with a record proportion of business owners currently expecting to downsize, sell or shut up shop. Of course, it’s important to support these businesses throughout the year and, particularly as the festive season draws closer, Small Business Saturday is a great way to encourage shoppers to back their local small firms.”

Director of Small Business Saturday, Michelle Ovens, added: “Small Business Saturday has become the biggest celebration of small businesses across the UK. This Saturday will be a huge opportunity for communities to show their support for these businesses that play such a critical role.

“Our research shows over 90 percent of small businesses believe they have an important role to play in their community - so let's make sure we have their backs this weekend.”

Image: Small Business Saturday Facebook