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Liverpool SME success to create 7,000 new jobs by 2020

  • SME growth to provide £7.7 billion boost to Liverpool’s economy
  • Number of Liverpool SMEs already up 19% since 2010
  • Liverpool in national top 10 for SME opportunities

A surge in the number of small and medium sized enterprises (SMEs) in Liverpool will create 7,000 new jobs over the next five year and add an additional billion pounds each year to the local economy, according to a new report for npower Business by Capital Economics

The research found that the number of SMEs in the city has already risen by 19% since 2010, creating 6,900 new jobs. It added that SMEs already generate £6.8 billion for the city’s economy, with the figure set to rise to £7.7 billion per annum by 2020.

The survey placed Liverpool tenth nationally for SME prospects. Of the 10 fastest growing SME industries across the country, Liverpool already has existing “clusters” in four:  education, financial support services, health and office administration.

SMEs in the city benefit from relatively low business rates and cost of living, decent broadband connectivity and the city’s enterprise zone. Further support comes from the ‘Centre for Global Eco-innovation’, backed by the Regional Development Fund, and jointly created by the universities of Lancaster and Liverpool. This provides expertise and support for SME research and development, the report added.

The report highlighted that the top 15 UK cities with the best growth prospects for SMEs in the country will generate an additional £16 billion for the UK economy each year by 2020. SMEs currently provide jobs for a stunning 16.8 million people – over 50 percent of all UK employment.

Philip Scholes, Head of npower Business, said: “SMEs have driven strong job growth in Liverpool and it is exciting to see the extent to which this dynamism has underpinned a vibrant local economy—and the opportunity for SMEs to grow even further. The city is particularly strong for food and beverage services, legal and accounting, logistics and security work; with a wide range of other industries also growing fast. At npower Business, we are dedicated to working closely with Liverpool’ SMEs to help support the huge contribution that they make to the economy.”

Dale Murray, CBE & Board Advisor at the Centre for Entrepreneurs: “There are fantastic opportunities in Liverpool for entrepreneurs to start new businesses and to expand existing ones, as this report shows. The £6.8 billion contribution they already make to the city’s economy is a tribute to their success.

She added: “Affordable business rates, living conditions and workforce skills are all crucial to attracting SMEs. I hope that policy makers continue to do everything that they can to build on the current momentum, so that SMEs continue to thrive in the city.”

npower Business and Dale Murray will be hosting a webinar on Wednesday 14 September at 11am to share detailed results from the report with SMEs and help them take advantage of growth opportunities. To find out more about the webinar please visit here.

About npower Business
npower Business is one of the leading energy suppliers to the UK business market, serving gas and electricity to more than 195,000 small-to-medium sized businesses (SMEs). 

Dedicated to helping UK SMEs, by helping our customers better understand and manage energy, we help them to reduce their energy costs and in turn improve their bottom line.

We’re in touch with more than 1000 SMEs and through them, we hear what business owners want from their energy company and the issues they face when running a business.

npower Business is part of npower Group

Find us on Linkedin or on http://www.npower.com/business
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About Dale Murray
After an early corporate career, Dale co-founded Omega Logic, a technology "solution provider" that co-launched prepay mobile phone top-ups in the UK in 2001. She sold her company and began investing in startups, winning the British Angel Investor of the Year in 2011.

She now holds a number of board positions in the public and private sector and was honoured with a CBE in June 2013 by HM the Queen, for services to business. She served on the Business Taskforce for David Cameron, the British Prime Minister, in 2013 for a report on EU Red Tape. Debretts named her one of the "500 most influential people in Britain" in 2015.