Small firms 'need support'
Nov 09 2007
Small businesses are in need of greater support from the government because of the huge contribution they make to the UK's economy, one business consultant has said.
Richard Litchfield from Eastside Consulting says that subsidies, support and recognition of the efforts of small businesses was in order, with the country relying on small and medium-sized enterprises (SMEs) for employment and wealth generation.
'Small businesses represent a large amount of our economy, around 90 per cent of our employment is within small companies, and around 50 per cent of our GDP is generated from small businesses,' he says.
'There is therefore a real need for intervention and for the pubic sector and other places subsidise the small business sector.'
Recent research by BT Business also called on greater government support to allow small businesses to continue growing, while a survey of SMEs found many owners looking for more input from the authorities.
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