Digital, Technology, Manufacturing, Construction And Engineering Firms Among Fastest-Growing

The UK's economy is being stimulated by a record number of new SME startups, many of which are contributing significantly to job creation and the GDP, according to the chief executive of the London Stock Exchange Group.
 
In a column in The Independent, Xavier Rolet said as many as half a million SMEs launched in 2014, with significant growth seen in the digital and technology sector, as well as in manufacturing, construction and engineering.
 
He added that a subset of companies, made up of 6% of the UK's SMEs, have been identified as "scale-ups", with the potential to create 230,000 new jobs and contribute £38bn to UK GDP.
 
Rolet added: "Our new government must build on the momentum that has been achieved since the end of the financial crisis and not put the successes of recent years at risk.
 
"Government must help deliver for Britain's entrepreneurs and small businesses. As voters, as those who have gone before did, we need to once again put the economy and business high on our agenda."

Expert Opinion

"Mr Rolet’s comments are a prime example of how many leading business and economic figures feel that small businesses are absolutely crucial to the UK’s ongoing recovery, adding that this is why support for them from the Government is so important. <br/> <br/>"Small businesses and start-ups can possess a great number of skills and talent, but in order to thrive they need to be able to access help to push them forward – they should not have to go it alone. <br/> <br/>"We would urge SMEs to ensure that they have the right support network in place to move to the next level, with legal advice being a vital part of this." Fergal Dowling - Partner