Director of The Entrepreneur's Network, Philip Salter, wrote an op-ed for CityAM explaining how high growth small businesses are the driving force behind recent growth in the economy.
A NEW report from Octopus Investments and the Centre for Economics and Business Research reveals that high growth small businesses (HGSBs) are the driving force behind recent growth in the economy and employment.
The High Growth Small Business Report shows that HGSBs – firms with an annual turnover of between £1m and £20m, growing at more than 20 per cent over three years – generated 36.4 per cent of economic growth in 2013, as well as 68 per cent of all new jobs between 2012 and 2013. This is despite comprising of just 30,000 businesses.
London is leading the charge. In 2013, 139,703 jobs were created by HGSBs, more than any other region. And this great city boasts the highest absolute number of HGSBs, with almost one in 25 workers in the capital employed by one of these fast growing companies. In contrast, just one in 80 workers in Wales work for HGSBs.
Read the full article here.