British SMEs growth poised to reach five-year high, report suggests

The UK's SMEs are likely to reach the highest growth levels in five years, the Federation of Small Businesses' (FSB) latest Small Business Index has been able to reveal.

The survey discovered a considerable increase in positivity and confidence among small business owners and supports recent data published by the Enterprise Research Centre which suggested SMEs are growing at the fastest rate since 2008.

Almost two-thirds (65 per cent) of small firms participating in the poll said they plan to grow moderately or rapidly during the next quarter; while a further 32 per cent anticipate investing more heavily in capital during the next year.

Furthermore, the number of SMEs taking on new staff has also increased in the last 12 months from two per cent to 8.9 per cent, with almost a quarter (24 per cent) of SMEs experiencing increased revenues and 17 per cent reporting improved profits.

John Allan, national chairman, FSB, added that the results of the latest Small Business Index "show the major role that small businesses play in the growth of the UK's economy".

"It is critical the new government continues to develop the right environment to support businesses planning to grow, invest and take on new staff in the next 12 months," added Allan.

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