Small Businesses Growing at Fastest Rate Since 2008
Enterprise Research Centre says UK’s small firms have begun to “regain the ground lost” in the recession as private sector employment increases by 600,000 in 2014
Small and medium enterprises grew at the fastest rate since the 2008 recession, with data from the Enterprise Research Centre (ERC) revealing that 600,000 new jobs were added to the UK’s private sector in 2014.
Despite 13 million UK job losses in the last seven years, the report found that 13.4 million jobs were created in just the last twelve months – private sector job creation became positive for the first time in 2014.
As small and medium-sized businesses continue to “regain the ground lost”, the government have promised to facilitate this growth.
Business secretary Sajid Javid recently announced that the new enterprise bill will cut red tape for small businesses by £10bn over the next five years.
The recently appointed small business minister, Anna Soubry, commented:
“Small and medium businesses in every corner of the UK have shrugged off adversity to create jobs and grow at the fastest rate since the financial crisis.
“We will continue to back them and the 15 million people they employ by cutting red tape, setting up a Small Business Conciliation Service and looking at improving the business rates system.”