{"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

\"SMEs,<\/p>\n

UK economic growth forecast is full of optimism<\/strong><\/h2>\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

Small businesses play a crucial role<\/strong><\/h2>\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>\n

Furthermore, consumer confidence in\u00a0small\u00a0businesses and service providers has increased dramatically, and more than a fifth (22%) of decision makers in this sphere are now looking to hire more employees and consultants this year to keep up with and continue the business growth trajectory they have seen since the pandemic began.\u00a0\u00a0Thus, despite the initial setbacks<\/a> we saw at the beginning of the pandemic, we can see not only that SMEs are confident as we go forward, but how they have excelled during Covid-19. Their success has resulted in both consumer confidence and industry confidence, providing for the UK’s economic recovery at a rate far beyond economist expectations, rivalling the success the UK saw as we came out of WWII.<\/u><\/u><\/p>\n

Key stats:<\/strong><\/u><\/u><\/h2>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a066% of Brits say that their trust in\u00a0small\u00a0businesses and service providers has grown during the pandemic (29,607,000)<\/u><\/u><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0More than a fifth (22%) of decision makers are looking to hire more employees or consultants this year in order to grow (2,561,000)<\/u><\/u><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019% of UK workers at small businesses have won previously inaccessible, large clients and grown as a business throughout Covid-19 (3,687,000)<\/u><\/u><\/p>\n

(nationally representative research carried out across a body of 2100 respondents, in full compliance with British Polling Council guidelines)
\n<\/u><\/u><\/p>\n

 <\/p>\n

Chris Biggs, Partner at Theta Global Advisors<\/strong>\u00a0– a consultancy and accounting disruptor –\u00a0comments on the unprecedented success of\u00a0small\u00a0businesses in the last year and how this has seen 2021 exceed expectations for the UK’s economic recovery as a result:<\/span><\/u><\/u><\/h2>\n

\u201cWith companies adopting new policies and a substantial number of SMEs planning to expand in 2021, it seems that as we saw over Covid-19, 2021 is an optimum time to be a\u00a0small\u00a0business. New business\u00a0generation\u00a0rates are at the highest they have ever been for many small businesses across a variety of industries, and this is proving to have significant impacts on the UK’s economic\u00a0recovery, boosting it beyond expectations.<\/em><\/u><\/u><\/p>\n

To\u00a0small\u00a0businesses, this is great news, with increased\u00a0public\u00a0support and new, large clients allowing them to change the landscape and culture in their industries previously dictated by corporate giants.\u00a0This unprecedented growth and influence comes at an opportune time for the UK economy\u00a0as we return to a degree of normalcy. With SMEs accounting for three fifths of employment in the UK, their success is having ripple effects, employing more staff and giving our economy a much-needed boost.<\/em><\/u><\/u><\/p>\n

In our concerns for what the future looks like for\u00a0businesses with lockdowns, returning to offices, and economic recovery, we must not forget the success, innovation and resilience of\u00a0small\u00a0businesses in the UK. We need to continue to support these SMEs on their current growth trajectory, as the public have been doing more and more over lockdown. Our support of small businesses and their own confidence in their ability to grow is helping to see unemployment rates fall, and will be crucial in our return to a degree of normalcy and continuing\u00a0our current trajectory of\u00a0economic\u00a0recovery.”<\/em><\/p>\n","protected":false},"excerpt":{"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. UK economic growth forecast is full of optimism Huge growth in consumer confidence,\u00a0new business generation rates, and hiring plans leave small businesses integral as economy flourishes . 19%\u00a0of UK […]<\/p>\n","protected":false},"author":7,"featured_media":15197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3585,25,1],"tags":[3991,3993],"acf":[],"yoast_head":"\nSMEs at the centre of UK's fastest economic growth since WWII<\/title>\n<meta name=\"description\" content=\"Chris Biggs, Partner at consultancy and accounting disruptor Theta Global Advisors, discusses why SMEs are at the heart of the UK economic growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/smes-at-the-centre-of-uks-fastest-economic-growth-since-wwii\/\" \/>\n<meta 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