Contributing 47 per cent of revenue to the UK economy, small and medium-sized enterprises (SMEs) have a key role in boosting productivity – but need support to expand business and increase impact.
A report published jointly by the Enterprise Research Centre (ERC), Goldman Sachs and the British Business Bank shows that SMEs are a key underused resource for increasing productivity. With the UK lagging behind many G8 competitors in the share of high-growth SMEs, the report, based mainly on ERC research, explored the structural barriers limiting SME growth. Innovation and international expansion (internationalisation) were identified as key factors to stimulate growth.
New ESRC evidence briefing: SME productivity report published today.