UK SME growth ‘returns to pre-crisis levels’

The UK’s small and medium-sized enterprises have bounced back from the recession, with growth and new start-up rates returning to pre-crisis levels, the FT reports.

According to academic body the Enterprise Research Centre, some 1 million SMEs failed between 2008 and 2014, costing 5.7 million jobs.

New start-ups created 4 million jobs during the same period, the ERC says.

However, by the end of 2014 the number of private sector jobs created since 2008 exceeded those lost by 400,000.

ERC deputy director professor Mark Hart says: “SME Britain is finally back to where it was before the recession in terms of jobs, growth and start-up activity.

“For many SMEs, it’s been a long, hard road over the past few years but our research is showing that entrepreneurs and small to medium-sized businesses right across the UK have the wind back in their sails.”