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3m businesses keep the economy ticking over

People walking down the street

New research from Oxford Economics has found that there are 3m businesses in the UK which provide 9.4m jobs, generate a quarter of UK GDP and pay £102bn in tax each year. Oxford Economics calculates that an extra 30,000 family businesses have been created since 2010. While the majority are small businesses, over 15,000 are medium and large companies. Oxford Economics said the Gross Value Added of family firms had risen by £3bn since 2010 to £360bn – a quarter of UK GDP. The consultancy said over 15% of government revenues - £102bn – were generated by the family business sector. The IFB is calling on the government to boost growth in the sector by introducing alternatives to bank lending for business finance. The IFB says the UK needs greater competition and choice in business financing and recommends the introduction of a private placement market, a bond market for SMEs and liberalising lending from the insurance market.

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