PARLIAMENTARY WRITTEN QUESTION
Small Businesses: Economic Growth (12 September 2024)

To ask the Secretary of State for Business and Trade, if he will make an estimate of the proportion of economic growth that will be created by small and medium-sized enterprises in the next five years.

Asked by:
Gareth Bacon (Conservative)

Small and Medium Enterprises make a significant contribution to economic growth, they currently represent 99.9% of the UK’s business population, account for 16.7 million jobs (61% of total UK employment), and generate £2.4 trillion in annual turnover (53% of the total) for the UK economy. We continue to expect Small and Medium Sized enterprises to significantly contribute to UK growth.

Answered by:
Gareth Thomas (Labour)
11 October 2024