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.