Entrepreneurs make big contribution

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Entrepreneurs and freelancers contribute £125bn to the economy A survey commissioned by business banking app Mettle has looked at the economic contribution of entrepreneurs, the self-employed and those with a side hustle business. It found that the total economic contribution from this sector is estimated at more than £125bn, a figure that represents about 15% of the total UK economy at the end of 2020. The survey found the average estimated turnover of small business owners was £52,620. The analysis shows that 21% of male-led businesses make over £100,000, with 13% of female-run businesses also breaking the £100,000 barrier. More than half (53%) of respondents expect a turnover of up to £50,000 this tax year, marking a jump on the 46% who said the same last year. The average estimated turnover for self-employed individuals is £25,066. The poll also found that 52% of small business owners do not feel supported by their bank.

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