John Baddeley, director at Wake Smith looks at the importance of SMEs to the UK economy

Wake Smith Solicitors 10 November 2016

New research has shown that small and medium sized businesses (SMEs) across the top 10 UK cities are forecast to contribute £217bn to the UK economy by 2020. 

The research conducted with the Centre for Economics and Business Research (CEBR), reveals SME contributions to the economy will grow by 11 per cent in the five years from 2015 to 2020 – with businesses currently contributing £196bn.

Sheffield is forecast to boost its value added by eight per cent from £3.4bn in 2015 to £3.6bn in 2020. Nearby cities Leeds and Manchester are forecast to boost their value added by 15 per cent, closely followed by Bristol, which is predicted to increase by 14 per cent over the same period.

Across UK cities as a whole, professional and administrative services, such as legal and accountancy firms, are sectors which drive SME growth, with wholesale and retail, public administration, education and health also playing crucial roles.

Sheffield is fortunate in that it benefits from a large number of these sectors, together with its burgeoning creative and digital industries which continue to gain greater momentum from lucrative contracts at the expense of the South East.

This research confirms the critical importance of SMEs as a primary driver of the UK economy through their strong growth and performance.

What should not be ignored or underestimated is their sizeable contribution to the fortunes of the UK economy – growing to 27 per cent of total business contribution by 2020.

The importance of SMEs to the country will hopefully inspire business leaders to invest in their growth strategies.

And this should be a source of optimism for the Government, and for employers, as the strong future SME growth predicted suggests significant opportunity for investors, business owners and their employees.

As the government prepares for the first Autumn Statement following the Brexit decision, the focus must be kept on these smaller companies by helping them to identify, and achieve, new business opportunities.

Growing and moving into new markets can be challenging for business owners so planning is the key to success.

Part of that planning procedure should involve your legal adviser at an early stage who can help to identify potential pitfalls and opportunities and guide you through them.

Wake Smith act for many of the region’s leading SMEs including offering corporatecommercial propertyemploymentlitigation and data protection advice.

Tags

Archive

June 20221May 20227April 20223March 20223February 20223January 20224December 20214November 20213October 20215September 20216August 20212July 202111June 20218May 20216April 20212March 20219February 20218January 20219December 20208November 202013October 20209September 20208August 20203July 20208June 202016May 202013April 20209March 202016February 20209January 202011December 20199November 20199October 201911September 20197August 20194July 20196May 20198April 20196March 20193February 20195January 20194December 20186November 20185October 20182September 20185August 20184July 20189June 20184May 201810April 20185March 20184February 20184January 20183December 20175November 20178October 20177September 20179August 20175July 20176June 201710May 20176April 20178March 201711February 20177January 201713December 20169November 20167October 201610September 201610August 20166July 20167June 20163May 20162April 20166March 20162February 20164January 20165December 20153November 20155October 20156September 20156August 20157July 20157June 20157May 20156April 201510March 20156February 201510January 20156December 20145November 20144October 20142September 20143May 20144March 20146February 20144January 20142December 20132November 20133September 20134July 20132June 20132May 20133April 20131March 20133February 20133January 20136December 20121November 20123October 20122August 20122July 20128June 20123April 20123March 20121January 20124December 20112November 20111October 20112September 20113August 20113July 20117June 20119May 20117April 20115March 20119February 20118January 20111December 20101October 20102September 20102August 20103July 20106June 20101May 20102April 20106March 20102February 20103January 20102December 20095November 20092October 20092September 20092August 20091July 20095June 20095May 20093April 20093March 20093February 20091January 20092November 20082October 20082September 20081August 20083July 20081January 20082

Featured Articles

Contact us