UK Now Has More “High Growth” Firms than at Time of Dotcom Boom
Small and medium businesses in the home nations and regional areas are growing twice as fast as businesses in London
The number of “high growth” businesses in the UK has reached record levels – with more “high growth” firms now than there were in the dotcom boom – a report by the Enterprise Research Centre (ERC) has found.
Defined as businesses with average annual growth of 20% in employment from 2012 to 2015 and at least 10 employees, the report suggests there are now 11,855 “high growth” firms in the UK – the most since the early 2000s.
Interestingly, small and medium-sized businesses in the home nations and regional areas are achieving this “high growth” status twice as fast as small businesses based in London.
Excluding the capital, England saw its number of “high growth” firms rise by 36% while over the same period, the number of high growth firms in London rose by just 15%.
Scotland increased its number of “high growth” firms by 35% over the same period, while Wales’ figure went up by 38%.
Professor Mark Hart, deputy director of the ERC, said:
“The number of high growth firms in the UK is now at its highest level in well over a decade and it’s particularly notable that both urban and rural parts of the English regions are seeing much more rapid rises in such firms than London.”