Private sector businesses hit new high

Official figures have revealed that the amount of private sector businesses trading in the UK has reached 4.9 million, surpassing last year’s record levels. There has been an overall increase of 102,000 businesses during 2013. The vast majority of private sectors (99%) are small-to-medium-sized enterprises (SMEs) which employ fewer than 250 people, whilst almost half employ less than 50 employees and account for a third of turnover generated by the private sector. Matt Hancock, Enterprise Minister, said: “Britain is turning a corner... there are now 447,000 more businesses than in 2010, an increase of over 10 per cent.” “There is much more to do, not least to make it easier to employ people and create jobs, like with the new £2000 Employment Allowance that from April will cut tax on jobs in every company, large and small”, he concluded.Andy Grantham, SBF Sales & Marketing Director, said: “SMEs are the backbone of the UK economy, so it is encouraging news to see entrepreneurs continuing to push forward with new business creation”. “At Skipton Business Finance, we take pride in the fact that we are able to fund many new start businesses and help them on their way to success”, he concluded.