News emerged only yesterday that UK unemployment has reached its lowest rate since the three month period to January 1975.
Indeed, the Office for National Statistics said that the unemployment rate reached a low of 3.8%.
However, the employment rate reached a record high of 76.2% in the three months to October 2019, according to the statistics.
Luke Davis, CEO of SME finance provider IW Capital, provided a comment on the news, focusing on the role played by small and medium-sized enterprises.
SMEs make up 99.9% of all private sector firms across the UK, accounting for 16 million jobs.
Data from the Office for National Statistics shows that SMEs have created jobs at a rate which is three times higher than that of larger businesses over the past five years.
“The ambition of small business in the UK has undoubtedly contributed to this record level of employment that we are currently seeing,” Luke Davis said.
“SMEs have been incredibly resilient to political uncertainty in the last three years and have continued to pursue growth and scaling opportunities wherever they can,” the CEO continued.
“We have seen more demand for growth finance than ever before as innovative firms look to add to their team and expand. Recently, we provided funding for a small business based in the North East directly to help them hire more talented people in order to develop their business proposition.”
“With this in mind, alternative finance availability will be a key driver to future employment records – the ambition is there, now is the time to support it.
With last week’s general election out of the way, UK politics can now turn its attention back to the nation’s departure from the European Union.
Will the government be able to put an end to the political and economic uncertainty which has dominated since the original Brexit referendum?
