The number of private sector businesses in the UK has reached a new record high.
According to the latest statistics from the Department for Business & Skills, there are now 4.9 million companies in the country, with a combined annual turnover of £3.3 trillion.
The boost is largely down to the number of small to medium-sized enterprises (SMEs) that have been launched over the past 12 months.
SMEs now account for 99.9 per cent of all firms in the UK – responsible for the employment of 14.4 million people.
Just over 99 per cent of SMEs employed 50 people or less.
The figures also represent an increase of more than ten per cent to the business population in the last three years.
Around 127,000 new enterprises have been launched since the start of 2013, although that figure has been offset slightly with the closure of 26,000 companies in that period.
Posted by the Secret Businessman