Wednesday, July 8, 2020

UK business income growth slows in 2015 but remains above 2010 levels

UK businesses have seen a 24 per cent rise in annual income growth since 2010, according to the latest Barclays SME Income Index

Analysis of the current account levels of Barclays small and medium sized enterprises (SMEs) in 2015 showed that year-on-year, the annual growth rate of business income has slowed, from a high of 8 per cent in 2014, to 4 per cent. Last year’s annual growth rate of 8 per cent was the biggest in 14 years. Yet with some annual income growth having occurred in 2015 SMEs are projected to continue to experience growth in 2016.

The strongest performing business sectors for annual income growth in 2015 include real estate and construction as the UK’s property boom continues. Construction has risen to first place in the Index for highest credit income, from third in 2014. The real estate sector dipped from top position to second place while the Arts moved from seventh to third and transport from eleventh to fourth. Positive annual income growth was achieved across all sectors, bar agriculture and education.

Encouragingly growth occurred across all regions for England and Wales. The region with highest annual income growth was London (5.2 per cent) followed by the North-West (4.7 per cent), up from fourth position to second. Rising from eighth to third place is new entrant to the top four, the East Midlands (4.4 per cent). East England (4 per cent) is in fourth position, falling from third place last year.

Adam Rowse, head of business banking at Barclays, said: “2014’s credit income growth rate was exceptionally high and the biggest since the turn of the century so 2015’s growth rate of 4% is still an indicator of a thriving year for UK businesses.

“It is understandable that construction and real estate are the sectors with the biggest annual income growth as the UK property sector continues to boom. It is encouraging to see that all regions saw a rise in annual income growth, with northern and southern regions equally represented in the top four, a positive indicator of the strength of SMEs all over the UK.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Modular installation firm boost senior team as COVID turnaround continues

East Yorkshire modular installation firm, Frontier Modular Services, has strengthened its management team with the appointment of Adam Millikin as Operations Manager. Mr Millikin, who...

Wakefield logistics facility acquired in £20m deal

Hines Glob­al Income Trust has acquired a UK logistics asset at Wakefield 41 Industrial Park from AEW UK Core Property Fund for £20.635 million. Located...

Business volumes fall at record pace in financial services

Business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey. Profitability and...

Job applications rise and competition intensifies

Competition for jobs has intensified as the lockdown eased with applications rising by 32% in June, according to a new market report. The report, from...

Croda swoops for US life sciences firm

Croda International, the Goole-headquartered speciality chemicals producer, is acquiring US life sciences business, Avanti Polar Lipids. The deal brings together Avanti's expertise in lipid-based drug...

NPIF-backed business launches thermal imaging tech to detect COVID-19

Connectus, a connectivity and end user managed service provider, is launching thermal imaging technology to help businesses to detect COVID-19. The company – which has...

Related news

Job applications rise and competition intensifies

Competition for jobs has intensified as the lockdown eased with applications rising by 32% in June, according to a new market report. The report, from...

NPIF-backed business launches thermal imaging tech to detect COVID-19

Connectus, a connectivity and end user managed service provider, is launching thermal imaging technology to help businesses to detect COVID-19. The company – which has...

University launches virtual version of popular accelerator to boost business recovery.

Leeds Beckett University is urging the region’s young businesses to sign up for the third cohort of its popular accelerator programme. Launching in late July,...

Enrolment opens for 4D Pharma’s phase II study of live biotherapeutic in COVID-19

4D Pharma, the listed Leeds-based pharma company developing Live Biotherapeutics, has announced that its Phase II clinical trial of oral immunomodulator MRx-4DP0004 for patients...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close