{"id":15196,"date":"2021-04-28T15:41:28","date_gmt":"2021-04-28T15:41:28","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=15196"},"modified":"2021-04-29T11:50:52","modified_gmt":"2021-04-29T11:50:52","slug":"smes-at-the-centre-of-uks-fastest-economic-growth-since-wwii","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/smes-at-the-centre-of-uks-fastest-economic-growth-since-wwii\/","title":{"rendered":"SMEs At The Centre Of UK’s Fastest Economic Growth Since WWII"},"content":{"rendered":"
Chris Biggs, Partner at consultancy and accounting disruptor Theta Global Advisors, discusses why SMEs are at the heart of the fastest UK economic growth in decades.<\/strong><\/p>\n <\/p>\n Huge growth in consumer confidence,\u00a0new business generation rates, and hiring plans leave small businesses integral as economy flourishes<\/u><\/u><\/p>\n . 19%<\/strong>\u00a0of UK workers who work at a\u00a0small\u00a0business\u00a0have won previously inaccessible, large clients and grown as a\u00a0business\u00a0through Covid (3,687,000)<\/u><\/u><\/p>\n . Two thirds (66%)<\/strong>\u00a0of Brits say that their trust in\u00a0small\u00a0businesses and service providers has grown during the pandemic (29,607,000)<\/u><\/u><\/p>\n Today, EY Item Club have announced upgraded economic forecasts for the UK following a stronger start to 2021 than expected, predicting the fastest growth the nation has seen since WWII.\u00a0Throughout the pandemic,\u00a0small\u00a0businesses have had to be agile, adapting to working from home, the need for flexible working, and taking advantage of the opportunities the pandemic and our increasingly digital age have\u00a0presented. The success of small businesses as a result of this, along with their position employing three fifths of the UK’s workforce and a growth rate three times that of any other business type pre-pandemic\u00a0positions them as integral to this rapid growth we have seen thus far.<\/u><\/u><\/p>\n This confidence in and on the part of small businesses and firms is further supported by research from Theta Global Advisors, a consultancy and accounting disruptor showing small business success during Covid-19. Research from Theta shows that small businesses that were nimble enough to adapt throughout lockdown saw tangible success, with 19% of small businesses having won previously inaccessible large clients and growing exponentially as a result.\u00a0<\/u><\/u><\/p>\nUK economic growth forecast is full of optimism<\/strong><\/h2>\n
Small businesses play a crucial role<\/strong><\/h2>\n