Economic Growth: Small Businesses
Commons · Question 3247 · Tabled 20 May 2026 · Department for Business and Trade · Official record
Answered 1 Jun 2026
Question
Asked by Jim Shannon
To ask the Secretary of State for Business and Trade, what assessment his Department has made of the potential impact of small businesses on economic growth.
Answer
Answered by Blair McDougall, 1 Jun 2026
Small and medium-sized enterprises (SMEs) account for 5.7 million businesses, representing over 99.9% of the business population, and make a substantial contribution to UK economic activity. They generate around 51% of UK private sector turnover (£2.8 tri...