Only 2% of British people realise that SMEs make up 99% of total UK businesses, new research has revealed.
A British Business Bank poll conducted by ICM found that three in four people believed that small businesses accounted for fewer than 60% of the UK's business population.
Only one in five (21%) correctly identified their £1.3 trillion (or 33%) contribution to UK private sector turnover.
The British Business Bank has launched the 'Small Wonders' campaign to emphasise the contribution of SMEs.
Keith Morgan, CEO of the British Business Bank, said: “We want to raise awareness of the incredible achievements of small businesses and reflect on their enormous contribution to our economy and society.
“They are small wonders and we encourage the public and our partners to get involved in recognising their importance.”
Mike Cherry, national chairman of the Federation of Small Businesses, added: “Small firms are undoubtedly the unsung heroes of UK society.
“It's critical that we rally UK-wide support for small business owners and the self-employed so they can go on contributing more than £1 trillion to the economy annually.”
The Small Wonders campaign ends on 1st December 2017, ahead of Small Business Saturday on 2nd December 2017.
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