Tech City UK Blog

Following Make Business Your Business (2012), Growing Your Business (2013) and Enterprise for All (2014), this is the fourth in a series of business reports from Lord Young.

Lord Young is the Enterprise Advisor to the Prime Minister and has released a series of reports into small businesses since 2012. The most recent edition reviews the changing face of British business since 2010.

There are now over 5.2 million small businesses in the UK, an increase of 760,000 since 2010 and small firms now dominate the business population.

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Highlighted within the report is the fact that our changing relationship with the internet has brought down barriers to business ventures.

With over 2 million homes across Britain receiving super-fast broadband and a recent announcement from Virgin stating their intention to increase this figure, growth of small businesses is set to continue. Alongside internet access, government assistance is also highlighted as a growth factor.

Yet more encouraging news is that more and more young people want to start a business than ever before.

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Prime Minister David Cameron comments, “Lord Young has made a huge contribution as my Enterprise Advisor, with his reports driving home the importance of getting things right for small businesses and start ups. Small firms play a huge role in the economy and are absolutely key to delivering our long term economic plan.”

You can download the report, or alternatively read the press release.