You are here: Home - Household Bills - News -

One in 30 people in Britain own a micro-business

0
Written by:
08/06/2016
The UK is a nation of entrepreneurs with as many as one in 30 Britons owning a business with fewer than nine employees, a study reveals.

There are 2.17 million so-called micro-businesses across the UK, with over 700,000 located in the South East of England and London, according to analysis from Direct Line for Business.

The East of England is also an entrepreneur hotspot with 216,700.

These enterprises account for 89 per cent of all companies across the UK.

One in five micro-businesses operate on a turnover of less than £50,0003, but there are more than 23,500 in the UK with a turnover of £1m plus, the study found.

Nick Breton, head of Direct Line for Business, said: “Britain is a nation of entrepreneurs, as highlighted by the fact that there are nearly 34 micro-businesses for every 1,000 people in the UK.

“It is unsurprising to see that London and the South East account for more than a third of the nation’s micro-businesses, as families in these areas are often seeking to gain extra sources of income by turning their hobbies into professions.”

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week