SMEs set to contribute £241bn to the British economy by 2025

By Johan De Mulder

The contribution of small and medium-sized businesses to the British economy is expected to grow to £241bn by 2025.

Research jointly commissioned by the Hampshire Trust Bank and the Centre for Economics & Business Research has highlighted the key role SMEs will play over the coming years. 

Out of the UK's top ten cities, Manchester and Leeds are set to boost their contribution the most, with an expected 26% growth rate predicted between the 2016-2025 period.

See also:

"SMEs are forecast to grow their economic contribution significantly over the longer-term, which serves as a critical reminder of the important role these businesses play in ensuring the success of the UK," said Mark Sismey-Durrant, Chief Executive at Hampshire Trust Bank.

Britain's exit from the European Union could have a negative affect, however, with Sismey-Durray adding:  "We also should note from our study the lowering in confidence amongst some SMEs.

"If the UK is to be prosperous as we move away from the European Union, we need the government to keep the spotlight on smaller companies by creating conditions which will support their continued growth, as our research demonstrates how much we need these companies to develop and achieve their ambitions."


Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy