Bright times ahead for the UK business sector

Britain has become a hub for small businesses as latest government statistics show that 1,800 companies are being set up every day, with London and the South-East the most popular places to start a business. The UK seems to be thriving in what can be seen as a transition period as businesses get used to a post-Brexit and post-Covid Britain. The UK’s economy is seen as the G7’s fastest growing economy and can now boast more people on payroll employment (about 420,000) now than when the pandemic began, with youth unemployment at record lows.

It is a glimpse into an exciting future for the UK’s business eco-system, with the UK coming out of Covid faster than virtually any other European country, after being the first country in the world to license a vaccine, with these feats being achieved partly because of the freedom Brexit has given the UK. Brexit Britain will continue to campaign for free trade and open markets whilst boasting one of the most dominant and exciting business sectors in the world.

In 2021 there were a record 319,000 new businesses registered in the UK, with the number of retailers in the UK increasing 15% – the number of small businesses in the UK now standing at 5.5 million, with recent research showing that two-thirds of the UK workforce want to start their own company. This shows a continued desire, caused by the pandemic, for individuals to start a business of their own in the UK.

Luke Davis, CEO of IW Capital discusses:

“The business sector in Britain is an extremely exciting environment right now. With Britain emerging out of Covid restrictions – quicker than most European countries, the positive effects of Brexit can be welcomed by small businesses around the UK. The future seems to be a bright one with the UK economy being seen as the fastest growing economy in the world, with Brexit allowing more freedom for UK businesses to strike new deals which may have been unattainable due to EU laws before. Small businesses are thriving in this current UK business environment, this past year was certainly a challenging one for small business owners. They had to be ready to adapt and change their business in order to combat the volatile business environment. They did this in an extremely impressive way and not only survived but thrived through a tough year.

“Now, the sun is beginning to shine, although challenges still exist. The ending of the Plan B restrictions, along with the easing of the global supply chain issues will be momentous for SMEs throughout the UK. It will alleviate a great deal of stress, meaning they can focus on growing and progressing their business internally and have the opportunity to provide less focus to the external issues.

“Small businesses and SMEs throughout the UK have, in many cases, pivoted and grown throughout the past two years which has been truly inspiring to see. SMEs and the individuals that run them are incredibly inventive and versatile with their companies and making sure they are at the forefront of the UK business scene. It is therefore hugely encouraging to see that consumer and investors alike are recognising that SMEs have now become an indispensable part of the UK economy.

“There is a huge amount of ambition and talent throughout the UK small business ecosystem, and it is exciting times for SMEs, both from an investing and business standpoint. At IW Capital we are always searching and looking to invest in small businesses in their growth journey to provide them with the opportunity to thrive and succeed. It’s great to see the shift from the UK public to have the desire to choose small businesses which paints an optimistic picture for the coming months which are normally crucial for businesses”