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08 September 2016

Unphased SMEs to generate billions despite Brexit

Small and medium-sized businesses (SMEs) are set to generate £16 billion for the UK economy each year by 2020, despite the outcome of the EU referendum, a report shows.

Together, the top 15 cities with the best SME growth prospects are set to create a total of 200,000 new jobs by 2020, economics analysis firm Capital Economics says.

This is despite fears over an economic slowdown in the wake of the Brexit.

"Overall we expect that the impact of Brexit will be more modest than other commentators suggest and we expect all regions to grow by an average of more than 1% per annum in the next five years," Capital Economics said.

Companies in sectors such as television, music, video and financial service industries are forecast to benefit from low business rates, good internet connection rates and an enterprise zone which provides tax breaks and government support.

Dale Murray, CBE & Board Advisor at the Centre for Entrepreneurs, said: "Growth of SMEs will be crucial to the British economy over the next five years as they create tens of thousands of jobs.

"Policy makers must recognise how vital business rates, living conditions and workforce skills are to attracting SMEs and do everything they can to support them."

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