New Businesses

HM Treasury written question – answered on 27th January 2015.

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Photo of Henry Bellingham Henry Bellingham Conservative, North West Norfolk

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the effect of small business start-ups on the wider economy; and if he will make a statement.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

Small businesses are the lifeblood of our economy, and the UK is a great place to start a business. At the start of 2014 there were 5.2 million small businesses in the UK, an increase of 760,000 since 2010. These small businesses employ 12.1 million people – 48% of total UK private sector employment – and have a combined annual turnover of £1.2 trillion: 33% of the UK private sector total. The government has backed small businesses, including with 25,000 Start Up Loans, tax incentives for investment, and the £2000 Employment Allowance which means 450,000 businesses now pay no employers NICs.

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