ONS Research Highlights the Importance of UK SMEs

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Jul 29, 2011, 07:13 ET

LONDON, July 29, 2011 /PRNewswire/ --

Analysis of recent research published by the Office for National Statistics (ONS) highlights the importance of UK SMEs within the private sector according to SimplyBusiness.co.uk.

The Business Population Estimates for the UK and Regions 2010 issued by the Department for Business Innovation and Skills illustrate that:

99.9% of the total enterprises in the UK are SMEs
SMEs provide 59.1% of the jobs in the private sector
SMEs generate 48.7% of the turnover of the private sector

Jason Stockwood, CEO at Simply Business, commented:

"This research clearly confirms the importance of SMEs in the UK private sector - particularly in terms of the number of jobs they provide. They really are essential to our economy."

The government have shown support to SMEs in the form of schemes to assist in terms of access to finance, grants and loans including the Enterprise Finance Guarantee scheme and the Enterprise Capital Funds scheme.

Jason Stockwood said:

"These schemes are a step in the right direction, and do show commitment from the Government to support our SMEs. However the current economic conditions mean that SMEs are likely to continue to face challenges in the coming months."

The research from the ONS also shows:

As a region, London provides employment to the most people (15.8%) and has the biggest contribution to turnover (30.5%). The South East has the largest number of enterprises (16.3% as compared to London's 15.8%).
In terms of industry splits, whilst construction accounts for 20% of all enterprises in the UK, Wholesale and Retail Trade employ the largest percentage of people (21%) and make the biggest contribution to turnover across all industries (37% - estimated at £1,186 billion)

All data is taken from the Business Population Estimates for the UK and Regions 2010 issued by the department for Business Innovation and Skills, published by the ONS.

The Infographic about the research can be seen here

http://www.simplybusiness.co.uk/knowledge/news/2011/07/2011-07-28-ons-research-highlights-importance-of-uk-smes/

About Simply Business

Simply Business is the UK's largest business insurance provider.

Launched in 2005, the full service insurance specialist identified a need to improve insurance offerings for the UK's millions of small businesses whose needs were neglected by established insurance and broking companies. Where the traditional broking model was slow-moving and inflexible, Simply Business developed an agile and online brokerage service which was able to deliver bespoke policies tailored to their individual and often very specific requirements. Its online offering is supported by a dedicated, UK based team of insurance specialists who provide a tailored and personal service more commonly associated with broker relationships.

Today, Simply Business insures over 170,000 small business customers, more than any other UK broker. It has been a Sunday Times Tech Track 100 company for the past three years, with offices in London and Northampton, and employs over 140 people. Simply Business revenues have grown 44% a year from £4.2 million in 2006, to £12.5 million in 2009.

For further information and print quality images, please contact:

Lexi Mills [email protected]
London: +44(0)20-7183-0767 Mob: +44(0)79-2102-0345

SOURCE Simply Business