The capital’s businesses are booming
The number of businesses across the capital has grown 41 per cent since 2010, as official statistics released today show there are over one million businesses in London for the first time and a record 5.5 million businesses across the UK.
The Business Population Estimates show that, at the start of 2016, the UK had a million more small businesses, 4,000 more medium-sized businesses and 900 more large businesses, compared to 2010 – a total increase of 23 per cent.
In London there are now almost 1.5 businesses for every ten adults. These are the official estimates of the UK business population at the start of 2016.
Business and Energy Secretary Greg Clark 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. The Government is committed to ensuring Britain builds on its success and is the best place to start and grow a business.”
Small and medium-sized firms account for at least 99 per cent of businesses in every main industry sector.
Small Business Minister Margot James said: “There are a million more small businesses now than in 2010 and it’s important to recognise the great contribution they make to local communities and the national economy.
“This Government wants enterprise to thrive, our Start Up Loans scheme has awarded more than £250 million to new entrepreneurs and a network of Growth Hubs connect firms to advice and support. Today, we are also launching a consultation on the Small Business Commissioner, who will be a strong representative for small firms across the UK.”