House of Commons Library – Business Statistics, Nov 2024

The "Business Statistics" report by the House of Commons Library, published in November 2024, provides a comprehensive overview of the UK business landscape, highlighting key metrics and trends. As of January 2024, the UK housed approximately 5.5 million small and medium-sized enterprises (SMEs), constituting over 99% of the business population. These SMEs accounted for 60% of UK employment and 48% of business turnover. In contrast, there were around 8,000 large businesses (with 250 or more employees), representing just 0.2% of the business population, yet supporting 40% of jobs and nearly half of all turnover. The report also notes that service industries comprised 76% of businesses, 80% of employment, and 73% of turnover. Regionally, London had the highest concentration of businesses, with approximately 983,000 enterprises, equating to 1,370 businesses per 10,000 resident adults.