UK small biz income hits seven-year high

 

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Photo Credit: Jim Moran via Compfight cc

 

Small businesses in the UK are seeing income at levels they have not witnessed since 2007, according to Barclays Business Banking.

 

 

SMEs involved with the education sector have seen a 41% increase in income since the start of the economic turbulence, health organisations are earning 28% more, and professional firms have increased their income by 23%.

 

From an index-linked level of 113.4 in mid-2007, small business income grew to 117.2 at the end of 2013, a 3.4% increase – and is up by 16.7% since the first quarter of the year 2000.

 

Sue Hayes, managing director of Barclays Business Banking, said: “UK SMEs are slowly but surely stepping out of the post-recession struggle and, as our findings show, there is light at the end of the tunnel for these businesses that are so essential to our economic prospects.”

 

In regional terms, London saw the biggest average rise in SME incomes at 9%, with the north-west close behind on 8%.

 

The East Midlands also exceeded the national average, with 4% growth between mid-2007 and late 2013, against the mean figure of 3.4% over the same period.

 

Ms Hayes added: “The strength of income growth among our customers in 2013 shows just how significant last year was in marking a sustained recovery in the wider small business population.”

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