The Impact of Small Business on the Economy of the United Kingdom

THE IMPACT OF SMALL BUSINESSES ON THE
ECONOMY.
NAME OF THE STUDENT

INTRODUCTION
 The given presentation will assess the impact of small business houses on the economy of
the United Kingdom.
 A small business can be described as one which employees less than 250 employees.
 In the year 2017, there were around 6.2 million SMEs in the United Kingdom which was
more than 99% of the business.

STATISTICS
 The micro business enterprises have around 0-9 employees working towards the success of
the organization.
 There were around 5.7 million micro business houses in the United Kingdom as on 2017 out
which 96% comprises of business.
 Although the small businesses have little contribution with respect to the income to the
economy and the houses are not considered to be a relevant part of the economy but they
are indeed very important and contribute to a large scale development (Terjesen, Hessels
and Li 2016).

STATISTICS
 Although the small business organizations being discussed have less than 10 people who
are employed for the operations, such business contribute to around 35% of the
employment and 19% of the turnover which is present in the given industry
 The combined turnover annually of the SMEs was around £2 trillion in 2017 which is
around 50% of the total private sector turnover in the business in the United Kingdom
 The total employment in the given segment was around 16 million which means that it
comes up to 62% of the private sector employment in UK (Kickul et al. 2013).