Table of Contents
Executive Summary
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- Impact of COVID-19 on small businesses
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- Figure 2: Short, medium and long-term impact of COVID-19 on small businesses, 7 December 2020 and re-assessed 8 January 2021
- The market
- Market size
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- Figure 3: Turnover development of small businesses, 2015-20
- Market share
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- Figure 4: Comparison of turnover development of small businesses, medium businesses and enterprises, 2015-20
- Figure 5: Turnover analysis of small business, by size of company, 2015-20
- Market sectors
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- Figure 6: Breakdown of small business turnover, by sector, 2020
- Figure 7: Sector penetration by small businesses, by sector 2020
- Regional activity
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- Figure 8: Regional breakdown of small business turnover in the private sector, by region, 2020
- Figure 9: Economic penetration of regions by small businesses in the private sector, 2020
- Companies and brands
- A very fragmented sector
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- Figure 10: Analysis of the small business sector, by number of companies, 2020
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- Figure 11: Analysis of the small business sector, by employment, 2020 (000s employed)
- Figure 12: Analysis of the small business sector, by turnover, 2020 (£ billion)
Issues and Insights
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- Are small businesses more exposed to the COVID-19 impact?
- The digital economy is levelling the playing field
The Market – Key Takeaways
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- COVID-19 slows start-ups and increases deaths
- 35% of the economy
- A very diverse sector
- London – the epicentre
Market Size and Forecast
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- Holding up better than the average during COVID-19
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- Figure 13: Short, medium and long-term impact of COVID-19 on small businesses, 7 December 2020 and re-assessed 8 January 2021
- Small business development
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- Figure 14: Turnover development of small businesses, 2015-20
- Small business market share was growing
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- Figure 15: Comparison of turnover development of small businesses, medium businesses and enterprises, 2015-20
- The role of the small business
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- Figure 16: The role of the small business, 2020
- Market drivers and assumptions
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- Figure 17: Key drivers affecting Mintel’s market forecast, 2015-25 (prepared on 7 December 2020)
Market Segmentation by Size of Company
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- Micro-companies leading the way
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- Figure 18: Turnover analysis of small business, by size of company, 2015-20
Market Segmentation by Industry
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- Private sector dominates activity
- Industrial overview
- Small businesses
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- Figure 19: Breakdown of small business turnover, by sector, 2020
- Figure 20: Sector penetration by small businesses, by sector 2020
- The role of the sole trader
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- Figure 21: Sector penetration by sole traders, by sector 2020
- Other micro-businesses
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- Figure 22: Sector penetration by other micro-businesses, by sector, 2020
- Other small businesses
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- Figure 23: Sector penetration by other small businesses, by sector, 2020
- Agriculture, forestry and fishing
- The role of the small business
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- Figure 24: Breakdown of the agriculture, forestry and fishing sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 25: Births and deaths in the agriculture, forestry and fishing sector, 2017-20 third quarter (number)
- Mining and quarrying, utilities and waste
- The role of the small business
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- Figure 26: Breakdown of the mining and quarrying, utilities and waste sector turnover, by size of company, 2020 (£ billion)
- Manufacturing
- The role of the small business
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- Figure 27: Breakdown of the manufacturing sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 28: Births and deaths in the manufacturing sector, 2017-20 third quarter (number)
- Construction
- The role of the small business
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- Figure 29: Breakdown of the construction sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 30: Births and deaths in the construction sector, 2017-20 third quarter (number)
- Wholesale and retail
- The role of the small business
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- Figure 31: Breakdown of the wholesale and retail sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 32: Births and deaths in the motor trade, wholesale and retail sector, 2017-20 third quarter (number)
- Transportation and storage
- The role of the small business
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- Figure 33: Breakdown of the transportation and storage sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 34: Births and deaths in the transport and storage sector, 2017-20 third quarter (number)
- Accommodation and food services
- The role of the small business
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- Figure 35: Breakdown of the accommodation and food services sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 36: Births and deaths in the accommodation and food services sector, 2017-20 third quarter (number)
- Information and communication
- The role of the small business
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- Figure 37: Breakdown of the information and communication sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 38: Births and deaths in the information and communication sector, 2017-20 third quarter (number)
- Financial and insurance activities
- Real estate
- The role of the small business
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- Figure 39: Breakdown of the real estate sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 40: Births and deaths in the real estate sector, 2017-20 third quarter (number)
- Professional, scientific and technical activities
- The role of the small business
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- Figure 41: Breakdown of the professional, scientific and technical sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 42: Births and deaths in the professional, scientific and technical sector, 2017-20 third quarter (number)
- Administrative and support services
- The role of the small business
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- Figure 43: Breakdown of the administrative and support services sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 44: Births and deaths in the administrative and support services sector, 2017-20 third quarter (number)
- Education
- The role of the small business
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- Figure 45: Breakdown of the education sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 46: Births and deaths in the education sector, 2017-20 third quarter (number)
- Human health and social work activities
- The role of the small business
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- Figure 47: Breakdown of the human health and social work sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 48: Births and deaths in the human health and social work sector, 2017-20 third quarter (number)
- Arts, entertainment and recreation
- The role of the small business
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- Figure 49: Breakdown of the arts, entertainment and recreation sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
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- Figure 50: Births and deaths in the arts, entertainment and recreation sector, 2017-20 third quarter (number)
- Other service activities
- The role of the small business
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- Figure 51: Breakdown of the other service activities sector turnover, by size of company, 2020 (£ billion)
- Changes during 2020
Market Segmentation by Region
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- Overview
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- Figure 52: Regional breakdown of small business turnover in the private sector, by region, 2020
- Figure 53: economic penetration of regions by small businesses in the private sector, 2020
- Sole traders
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- Figure 54: Regional breakdown of sole trader turnover in the private sector, by region, 2020
- Figure 55: Economic penetration of regions by sole traders in the private sector, 2020
- Other micro-businesses
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- Figure 56: Regional breakdown of other micro-business turnover in the private sector, by region, 2020
- Figure 57: Economic penetration of regions by other micro-businesses in the private sector, 2020
- Other small businesses
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- Figure 58: Regional breakdown of other small business turnover in the private sector, by region, 2020
- Figure 59: economic penetration of regions by other small businesses in the private sector, 2020
- The regions
- North East
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- Figure 60: Breakdown of the North East turnover, by size of company, 2020 (£ billion)
- North West
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- Figure 61: Breakdown of the North West turnover, by size of company, 2020 (£ billion)
- Yorkshire and the Humber
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- Figure 62: Breakdown of the Yorkshire and the Humber turnover, by size of company, 2020 (£ billion)
- East Midlands
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- Figure 63: Breakdown of the East Midlands turnover, by size of company, 2020 (£ billion)
- West Midlands
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- Figure 64: Breakdown of the West Midlands turnover, by size of company, 2020 (£ billion)
- East of England
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- Figure 65: Breakdown of the East of England turnover, by size of company, 2020 (£ billion)
- London
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- Figure 66: Breakdown of the London turnover, by size of company, 2020 (£ billion)
- South East
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- Figure 67: Breakdown of the South East turnover, by size of company, 2020 (£ billion)
- South West
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- Figure 68: Breakdown of the South West turnover, by size of company, 2020 (£ billion)
- Wales
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- Figure 69: Breakdown of the Wales turnover, by size of company, 2020 (£ billion)
- Scotland
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- Figure 70: Breakdown of the Scotland turnover, by size of company, 2020 (£ billion)
- Northern Ireland
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- Figure 71: Breakdown of the Northern Ireland turnover, by size of company, 2020 (£ billion)
COVID-19 Related Market Drivers
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- General
- Bank rate
- The Coronavirus Job Retention Scheme
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- Figure 72: Number of furloughed employments, March-August 2020
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- Figure 73: Coronavirus Job Retention Scheme claims, at 31 August 2020
- Financial support for SMEs
- Term Funding Scheme
- Asset Purchase Facility
- Contingent Term Repo Facility
- Coronavirus Business Interruption Loan Scheme
- Support for innovative businesses
- Bounce Back Loans
- Support for UK employers
- Grants for certain small enterprises
- Financial support for the self-employed and for members of partnerships
- Tax deferral and support for payment of tax
- Business rates relief
- VAT reduction
Other Market Drivers
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- The Brexit implications
- Finance
- Supply chain and exports
- Workforce implications
- Innovation and investment
- Data protection
- Intellectual property
- Business churn
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- Figure 74: Business births and deaths, 2012-19
- Employment costs
- National Minimum Wage and National Living Wage
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- Figure 75: Development of the NMW and NLW, 1999-2020 (£s per hour rate)
- Apprenticeship Levy
- Workplace pensions
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- Figure 76: Composition and progression of workplace pension contributions, 2012-20 (% of earnings)
Industry Structure
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- Industry composition
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- Figure 77: Analysis of the small business sector, by number of companies, 2020
- Figure 78: Analysis of the small business sector, by employment, 2020 (000s employed)
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- Figure 79: Analysis of the small business sector, by turnover, 2020 (£ billion)
- Activities
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- Figure 80: Activity breakdown of small businesses, by sector, 2020
- Regional activity
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- Figure 81: Regional breakdown of small businesses, by region, 2020
- Legal status
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- Figure 82: Analysis of legal status of small businesses, 2020 (number)
Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
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