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The UK regions contain an almost equal proportion of fast-growth businesses, according to a new report by Santander Corporate Banking. The north west recorded the highest concentration with 5.3%; Yorkshire, Scotland and the north east all recorded 5.2%; and the south west and Thames Valley followed with 5.1%. Fast-growth businesses, or growth champions, are those that have a significantly higher economic impact than the rest of the UK SME population, and proved to be exceptionally resilient during the recession, creating almost 173,000 jobs at a time when similarly sized non-growth champions shed more than 400,000. The Breakthrough Growth Champions Report, which examined growth patterns among businesses with turnovers between £500,000 and £10,000,000, revealed that growth champions are found across a wide range of industry sectors. The highest concentrations were found in sectors such as social work (14.7%), complementary medicine (11.4%), and architectural and engineering activities (7.7%). John Williams, head of Santander’s Breakthrough programme, said: “This research shows that a small group of businesses are making an extraordinary contribution to the UK economy. These growth champions demonstrate a fantastic ability to excel against the backdrop of difficult trading circumstances, delivering significant growth in both employment and net worth. “Contrary to popular thinking, these champion businesses operate across a wide range of industry sectors and are spread evenly across the UK, proving that fast growth is not confined to the technology industry or the south east.” Other Business Money News
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