Small businesses forecasting huge growth by 2020

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The UK's SMEs will, by 2020, have increased their contribution to the economy to almost £217bn according to a recent report by CEBR and the Hampshire Trust Bank. This is a jump of over 11% and is being lead by London's small businesses who contributed a huge £164bn. It is expected that by 2020 there will be almost 540,000 small and medium sized businesses in the capital.

Supporting London is a strong economic push from the Northern cities, with Manchester and Leeds both expecting to grow by 15%. Birmingham is also likely to grow to a huge 6.9bn (11%) whilst Bristol will rise by an impressive 14% which equates to £4.2bn.

This positive economic news comes after a series of positive reports this week, despite previous fears of a 'Brexit slowdown'. With all this growth we can only expect further job creation, increases in the number of firms advertising a job and a healthier small business economy!