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Number of small businesses in profit 'reaches pre-2008 levels'

05 Mar 2015

The number of small businesses reporting increased turnover, profits and an expansion to their workforce has risen to pre-2008 levels in the last 12 months, according to a recent business survey.

The Small Business Survey 2014, conducted by the Department for Business, Innovation and Skills, has revealed that 78% of small and medium-sized businesses made a profit or surplus in the last year, while 40% reported a greater turnover.

Meanwhile, 22% of employers have taken on additional staff in the last 12 months.

Over half of employers questioned expect their turnover to grow in the coming year, while a third are planning to employ more staff.

Commenting on the findings, Business Minister Matthew Hancock said: ‘After the biggest recession in peacetime history, it’s now clear to see that our long-term plan is turning the economy around. Our aim is to make Britain the best place in the world to start and grow a business and this is now within reach’.