The Centre for Economics and Business Research (CEBR) has published a new report which sheds light on the growth trends of Britain’s small and medium-sized enterprises (SMEs).
According to their research, which was carried out in collaboration with Hampshire Bank Trust, the technical and professional sector has seen more new SME entrants than any other industry since 2010, closely followed by the information and communication and business services sectors.
The study suggests that there are now 39 per cent more SMEs operating as architects, vets and legal firms, followed by 33 per cent more IT and telecoms SMEs and a quarter (25 per cent) more financial and business services firms.
The CEBR’s research also found that there are now a much lower percentage of start-ups choosing to do trade in the construction and retail sectors.
Commenting on the report, Nina Skero, Managing Economist at the CEBR, said: “This study is yet another indicator of how strong UK SMEs are and the vital role they play within the UK economy. It’s encouraging to see SMEs across various industries posting a strong performance.
“This further highlights how vital it is to nurture the optimism they are demonstrating if they are to continue driving economic growth”.