The number of UK-based private sector businesses has reached a new record of 5.2 million, with small companies now accounting for 33 per cent of private sector turnover – news sure to be of interest to those involved in the trade finance industry.
According to the Department for Business, Innovation & Skills, this figure represents a yearly increase of 333,000 enterprises, a rise of 6.7 per cent on 2013. Furthermore, there has been a rise of 66,000 in the number of employing companies.
Vince Cable, business secretary, observed that the country’s talent for “innovation and entrepreneurship is leading the way to recovery”, in spite of the current difficult economic climate.
“It’s a timely reminder that small firms make up the majority of our business community and it is those with the creativity and commercial nous that will continue our legacy as a world-leading enterprising nation,” he further remarked.
This news comes after Mr Cable revealed the progress that has been made with regards to the investment culture of equity markets in the UK following the publication of the Kay Review in 2012, which detailed a radical reformation of the sector intended to restore confidence and trust in the investment chain.
Mr Cable observed that the short-term investment culture that was previously seen was one of the main reasons for the crash in 2008, adding that there now the “building blocks in place” to make sure that the shift in the investment culture will be long lasting and will support British businesses in the long term.