Here’s an excellent article from the FT, citing latest research from the Enterprise Research Center (five UK business schools).
There are 5.2m businesses in the UK, 99 per cent of which are classified as SMEs. They employ more than 15m people and have a total turnover of £1.6tn, 47 per cent of business turnover.
Whilst the FT article and the underlying ERC research provide some useful objective data, there’s a an absence of subjective insight. During the same period, large corporate entities have continued to grow their profitability and capitalization – they have not had banks refuse to grant finance, nor ask for personal guarantees.
Let me turn this to an open question:
Why has UK small business growth only just returned to pre-recession levels?