There is no doubt that the immediate economic picture for the UK is challenging and is likely to get worse before it will get better.
Research shows SMBs will be instrumental to economic recovery in the UK.
There is no doubt that the immediate economic picture for the UK is challenging and is likely to get worse before it will get better. The Centre for Economics and Business Research (Cebr), for instance, is forecasting quarterly falls in GDP in the first two quarters of the year, with the economy set to return to growth in the second half of the year. However, despite the challenges that small businesses will undoubtedly face over the next twelve months, looking beyond, their survival during this economic downturn is more positive than appearances suggest.
A report from the Cebr, which assessed data from 2005 to 2021 and then looked to 2022 and beyond using forecasts, shows that SMBs will actually be the businesses that lead global growth over the next few years. By 2025, Cebr forecasts that the number of SMBs will grow on average 1.7% across the U.S., Canada, UK, Spain, Germany, France, Ireland and Portugal, creating millions of jobs. In the UK, growth in turnover for SMBs is expected to outperform the growth rate for all businesses from 2023 – 2025.