Economic growth in the UK has recently been revised up to 0.9% for the second quarter of 2014, by the Office for National Statistics, with year-on-year growth standing at 3.2%.
SMEs Leading the Way
Recent research by Barclays also shows how successful small and medium sized businesses are being and how much they are contributing to growth levels. Their report shows that 62% of such firms saw an increase in turnover in the last financial year, with the average increase being a meaningful 14% or £52,000.
The smallest businesses showed the highest average annual turnover growth at 18% and one in ten firms reported increases of 20% or above. Companies that export did better than those that focus all of their business on UK customers.
Furthermore, the future looks bright, as 65% of SMEs said they believed they would grow in the next 12 months