The UK Government has published a report on small business activity. Produced by the Department for Business, Innovation & Skill (BIS), the Small Business Survey is based on feedback from over 15,000 UK SMEs. The correlated data was published in two separate reports.
Small Business Minister Anna Soubry stated;
“This survey shines a light on the small businesses that drive our economy and employ millions of people across the country – and it’s good news that small firms continue to employ more people. A strong economy underpins the success of our small businesses which is why this government continues to take the difficult decisions needed to keep our economy and businesses strong.”
The data provided indicates that SMEs continue to hire with 24% adding employees from 2014 to 2015. Approximately 10% reported a reduction in staffing – a decline from 21% in 2010.
The report states that 81% of SMEs that applied for finance secured at least part of the request. The government stated this was indicative of continued improvement in the finance landscape. Bank overdrafts (credit) were listed as the most common type of finance. Peer to peer lending and crowdfunding registered 5% of financing.
The BIS report said demand for external finance increased with the size of the business with 27% of mediums seeking external finance in the last 12 months, compared to 16% of micros. Compared to 2014, the demand for external finance has decreased for all size bands.
Both reports are embedded below.
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