Job creation in the SME economy for the UK
Figures from the Office for National Statistics show that unemployment in the UK fell to its lowest level since January 1975 in the three months to October, with the employment rate hitting an all-time high of 76.2%.
Small and Medium-sized Enterprises (SMEs) make up 99.9% of all private sector firms across the UK. They also account for 16 million jobs in the UK, whilst in the process of adding £1.9 trillion to the British economy.
Further to this, figures from the ONS show that SMEs have created jobs at a rate which is three times higher than that of large businesses over the past five years – adding 1.7million jobs compared to around 650,000. This likely stems from the increased capacity to grow from start-up level right through to unicorn status as some firms do.
The ambition of small business in the UK has undoubtedly contributed to this record level of employment that we are currently seeing. SMEs have been incredibly resilient to political uncertainty in the last three years and have continued to pursue growth and scaling opportunities wherever they can.
We have seen more demand for growth finance than ever before as innovative firms look to add to their team and expand. Recently, we provided funding for a small business based in the North East directly to help them hire more talented people in order to develop their business proposition.
With this in mind, alternative finance availability will be a key driver to future employment records – the ambition is there, now is the time to support it.
To find out more about IW Capital, or for more information on investment and non-executive opportunities, please speak to a member of the IW Capital team today on 020 7015 2250, or email firstname.lastname@example.org