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SMEs forecasted to add £241bn to UK economy by 2025

Written by Eric Johansson on Wednesday, 11 October 2017. Posted in Growth, Finance

New research from Hampshire Trust Bank estimates that SMEs' will grow their contribution to the UK economy by 19%

SMEs forecasted to add £241bn to UK economy by 2025

Smaller firms are often cited as being the engine driving the economy. And now a new study suggests that SMEs' contributions are only going to grow.

Having looked closely at the top ten British cities, Hampshire Trust Bank estimates UK SMEs will add £241bn to the country's economy by 2025, which is an increase by 19% from 2016. Small businesses in Leeds and Greater Manchester are set to increase their contribution the most, with growth of 26% expected in both cities. Hot on their heels, Bristol's SMEs are predicted to increase their contribution by 23%. And that is despite the fact that more than a third of business owners expected their growth to shrink following the decision to leave the EU.

So while Brexit may have cast a cloud over their future, SMEs could still help keep the UK going.

About the Author

Eric Johansson

As feature writer and resident Viking, Johansson ensures EB is filled with engaging and eclectic entrepreneurial stories. While one of our freshest faces, he has sharpened his editorial teeth by writing about business, entertainment and fitness.

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