Fast growing new British companies are creating a significant number of jobs, confirming the UK as an attractive economy for starting and building entrepreneurial enterprises, according to an independent pan-European study.
The rate of employment growth among top UK companies in the survey is running at around 50% higher than the European average.
These conclusions come from the study, Europe’s 500, published on 5 June; this was undertaken by GrowthPlus, a non profit-making, Brussels-based entrepreneurial association. Every year, the association produces a fully researched list of the 500 fastest growing companies in Europe. The companies are measured on job creation over three to five years and not just on financial performance. This year’s survey would appear to suggest that British business is not at a disadvantage in comparison with other European countries. Indeed, an earlier study by GrowthPlus confirmed that the UK is the top European country for starting and building new businesses, even ahead of the USA.
The current report finds that: 61 of the top 500 fastest growing firms in Europe are British; average growth rate of British firms was half as fast again as companies across Europe as a whole, whether measured over one year or cumulatively; fast growers create employment; the 61 UK companies created nearly 25,000 jobs last year alone. Key UK business sectors showing growth are Internet, computer software and hardware; business services; consumer services, medical and health, and communications.