Private businesses reach record levels (From York Press)

Private businesses reach record levels

9:35am Tuesday 23rd October 2012 in Business news

THE number of private businesses in Yorkshire and Humber has increased by more than 13,000 in the last year.

According to new figures released by the Department for Business, Innovation and Skills, 345,235 businesses were registered in Yorkshire and Humber at the start of 2012, up from 332,100 in 2011.

Those businesses now employ 1.944 million people, up from 1.9 million in 2011. The number of sole traders in the region and partnerships with no employees increased by 8,845, according to the figures, while the number of businesses employing between 20 and 199 people reduced by 275 with 11,000 fewer people employed as a result.

Small and medium-sized businesses, employing less than 250 people, made up 99.8 per cent of businesses in the region, with businesses employing fewer than 20 people making up 95.1 per cent. Businesses employing fewer than 20 people employed about 29 per cent of the region’s workforce, with large businesses of 500 or more staff employing 40.2 per cent.

The figures revealed the number of private businesses nationwide had reached record levels, increasing from 4.5 million at the start of 2011 to 4.8 million at the start of 2012.

The 4.8 million private sector businesses employs an estimated 23.9 million people and has an estimated turnover of £3,100 billion.