Income from British Businesses - the VAT, Corporation Tax and the PAYE & NI from all their employees - is crucial as our Public Sector (NHS, Social Services, Teachers, Police, Fire Brigade, etc) depends on a healthy Private Sector. Small businesses in particular are critical to our economy yet they are often overlooked.
A staggering 99.3% of the total UK Private Sector is made up of Small Businesses which makes them absolutely vital to the UK economy. These are the stats from the Department for Business, Energy & Industrial Strategy and the Office for National Statistics:
At the start of 2019, the Department for Business, Energy & Industrial Strategy estimated there were 5.9 million private sector businesses in the UK. The whole UK private sector employs 27.5 million people with a turnover of £4.1 trillion.
5.82 million small businesses (those with 0 to 49 employees) represent 99.3% of all UK private sector businesses. They account for 48% of all private sector employment (13.2 million people) and 37% of turnover (£1.5 trillion).
As of March 2019, there were an estimated 5.39 million people employed in the UK Public Sector. This represented 16.5% of the UK's paid workforce. These are our NHS workers and more.
Most Small Businesses are people who have set up on their own and work for pleasure and the challenge - they are usually not money-grabbers but good, honest folk that just want to work for themselves without any State support. Often called Mom and Pop stores in the United States, these businesses will fall by the wayside without any trade. Along with any other business closures, the reliance on the Government will increase as there will be more people seeking Universal Credit. Without a happy equilibrium between the Private and Public Sector, the costs to the UK will shoot through the roof. At the end of the day, as learnt from the period of Austerity after the last Recession, our disabled and less-well-off will suffer the most. Let's try to avert that!
It is ALWAYS FREE to join Brit. You can make a difference to the lives of many people running their own businesses.
Be part of a the community that is helping small business owners get back on their feet after the Covid-19 lockdown. Many of these businesses are struggling and haven't got the cash to spend on marketing themselves. So you can really help.
Feel good that you are not just supporting small business owners and their employees. This is what’s best for the British economy. The more the money stays in the economy, the more we’ll have for the NHS, for social services, for schools and more!
Join Brit today and you can support people running businesses and help our economy to recover.