The SBS statistics, which provide an overview of SME performance in 2002, showed that small businesses – those employing less that 50 people – accounted for a staggering 37% of the £2,200 billion of turnover generated by UK firms last year.

Although the percentage of small businesses trading in the economy remained even at 99.1%, this represents a substantial increase on the 31.2% of revenue contributed by such firms in 2001. With medium sized businesses (50-249 employees) chipping in a further 15%, SME’s are now responsible for more than 50% of the turnover total.

2002 figures also revealed a slight increase in small businesses employment rates, with 43.7% of all workers (compared with 43.4% in 2001) being employed by small firms. This was in spite of a 1.3% rise in the number of firms with no employees, sole traders and single director companies for instance.

Large businesses (250 employees+) continue to hold a dominant position, however. Despite just 0.2% of UK firms falling into this category, they employee 44.4% of the workforce and generate 48% of total revenue.

As in previous years, small businesses continue to be the main employers in industries such as agriculture (94.6%) and construction (73.5%), wielding far less influence in areas including finance (14.7%) and transport and communication (29.8%).