Number of UK businesses hit record high

Encouraging news for anyone looking to buy a business: the number of businesses in the UK has reached a record high of 5.5 million, according to official statistics.

Data from the Department for Business, Energy and Industrial Strategy shows that, at the start of 2016, there were a million more small businesses, 4,000 more medium-sized businesses and 900 more large businesses when compared to 2010. That’s an increase of 23 per cent.

Across every main industry sector, small and medium-sized firms now account for at least 99% of every business, the government said. In London, the total number of companies has also reached one million for the first time.

The government’s Start Up Loans scheme has awarded more than £250 million to people looking to start a business and has a set of Growth Hubs designed to give firms advice and support.

Greg Clark, the Business and Energy Secretary, said: “Britain’s businesses are the heroes of our economic revival and it is great to see the number of businesses rise by over a million since 2010.
Our job creators don’t always get the praise and respect they deserve but we should be proud of our entrepreneurs, business leaders and innovators.”