Technical And Professional Industry Fastest Growing Sector In Small Business Space
There are currently 17% more small businesses in the UK than there were in 2010
The technical and professional industry is the fastest growing sector in the small business space, according to a new report by Hampshire Trust Bank.
The research, in conjunction with the Centre for Economics and Business Research (CEBR), revealed that there are currently 17% more small businesses in the UK than there were in 2010 – with the number of legal firms, vets and architects increasing by 40% over that time.
Communication firms (33%) and business services (25%) have also experienced a surge in popularity in recent years, with transport and distribution also preforming well (22%).
In contrast, the growth in the number of small retail (3%) and construction enterprises (4%) has slowed down considerably, with respondents saying that competition is the biggest barrier to growth.
Mark Sismey-Durrant, chief executive officer at Hampshire Trust Bank, said:
“Our report identifies the critical role of small businesses within the economy, particularly the many micro firms that are emerging in the UK.
“It’s encouraging to see small businesses enter all sectors from 2010 to 2015 and from our experience many are identifying opportunities for growth in the future.
“These figures should be seen as a source of optimism for the government in terms of providing employment and long-term economic prosperity for the years ahead.
“As the government prepares to set out plans for leaving the EU, I urge them to keep the spotlight on smaller companies by creating conditions and opportunities which will support the levels of growth our research has identified.”