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With each passing day, it seems that more evidence is filtering through of rising business optimism in the UK. One such indicator of this is an article from Business Leader, citing a private equity house’s report that claimed the British economy saw its quickest annual growth rate on record in 2021.
What exactly did the report say about UK economic growth?
The report referenced by Business Leader stated that national economic growth of 7.5% had been recorded for 2021. Small-to-medium-sized enterprises (SMEs) were praised in the report as having fared especially well over the course of last year, with 56.2% of them claiming an increase in earnings in the last quarter of 2021, compared to the equivalent period in 2020.
There were further promising findings in the private equity house’s report, suggesting that the small-business sector in the UK could be a ‘boom’ one during 2022.
Some 58% of SMEs, for example, were said to be anticipating higher revenue this quarter, versus the situation last year. And after an encouraging start to 2022, 40% of small and medium-sized firms in the UK are apparently planning to recruit, on average, six new employees before the end of March, as they eye sustained growth and progress for their companies.
Reasons for cautious optimism for small businesses around the UK
With some 319,000 new businesses having been registered in the UK during 2021 – a record – and there now being about 5.5 million small firms across the country, it is clear that British SMEs have done a formidable job of coping with the storm of the coronavirus crisis of the last few years.
Moreover, the Office for National Statistics (ONS) has recently reported a new record for the number of UK workers on payroll – 29.7 million, to be exact – although concerns persist that wage growth is still being outstripped by inflation.
On that subject, if your own firm in the UK is seeking the complete end-to-end payroll service to lessen the burden of managing employee wages and pension contributions, you may be interested in getting in touch with the TS Partners team.
We are one of the leading providers of payroll services for small business in Wellington, Plymouth and Newton Abbot, with comprehensive solutions for keeping on top of monthly or weekly payslips, maternity and paternity pay, contracts, and much more. There is simply no need to place your faith in any other payroll specialist if your firm is active in South West England, or even beyond.
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