The information and communication sector has seen a 33% increase in the number of SMEs from 2010 according to the latest study from specialist challenger bank Hampshire Trust Bank.
The research conducted in partnership with the Centre for Economics and Business Research (CEBR), reveals the three sectors which demonstrated the highest growth were technical and professional (39%), information and communication (33%) and business services (25%). Looking at the UK as a whole, there has been a 17% rise in the number of SMEs from 2010.
The sectors experiencing a higher number of start-ups, those with 0-4 employees, correspond to those demonstrating a greater level of confidence when it comes to the long-term economic prospects of the industry they operate in. Three in five (59%) of accountancy and information and communication firms say they feel confident about the future, 7% higher than the national average.
Stuart Hulme, Director of Savings at Hampshire Trust Bank, explains: “According to our latest UK SME Savings Tracker report, IT and communications SMEs have a significant amount of cash in business savings accounts, which is encouraging and we believe shows that these organisations are confidently planning for their future.
“Our SME Growth Watch report highlights the vital contribution of SMEs both within the information and communication sector and indeed across all sectors to the UK economy, and the rapid level of growth being demonstrated by some of the nation’s smallest businesses. These figures should be viewed as encouraging for the government, demonstrating the widespread resilience and ambition of UK SMEs.
“At Hampshire Trust Bank we provide consistently competitive business savings accounts to help SMEs develop and build. We urge the government to undertake proactive measures to create opportunities and conditions that enable them to continue to flourish.”
Nina Skero, Managing Economist at CEBR, said: “This study is yet another indicator of how strong UK SMEs are and the vital role they play within the UK economy. It’s encouraging to see SMEs across various industries posting a strong performance. This further highlights how vital it is to nurture the optimism they are demonstrating if they are to continue driving economic growth.”