SMEs account for nearly half of all UK business turnover

Office figures from the Department of Business, Innovation and Skills reveal that Small and medium size enterprises (SMEs) employ 14.4 million in the UK.

There are 4.9 million businesses in the private sector, almost all of which are SMEs which have a combined turnover of £1.6 trillion of a total for all UK businesses of £3.3 trillion.

Businesses employing fewer than 250 people make up 99% of private sector businesses. Indeed, businesses with fewer than 50 employees account for almost half of all businesses and a third in the private sector.

Well, all power to them (us!).

I think this demonstrates the courage of people to get into business themselves and not simply to rely on others to give them a job.

I see that there is a new £2,000 employment allowance coming in next April that will cut tax on jobs in every company. Businesses will get a discount from their national insurance payments.

Anything that helps small businesses is always welcome.