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Small businesses 'are the backbone of the economy'

Date Added: 20/06/2011  

Minor businesses have been named as the backbone of the economy, with 99 per cent of all the firms in the UK either medium-sized or smaller.

A spokeswoman for the Federation of Small Businesses explained that the people employed by these organisations make up more than half of the private sector workforce.

She stated that because of this, it is "vital" the coalition government does all it can to encourage companies to create new jobs.

It was highlighted by the spokeswoman that many small businesses have called for payroll costs to be reduced in order for them to make it easier to employ staff.

She said: "Extending the national insurance contributions holiday to existing firms must be at the heart of government plans for growth if we to continue to reduce unemployment."

Last week, it was revealed by this month's Recruitment and Employment Confederation JobsOutlook that confidence among companies has steadied, with 64 per cent claiming they are looking to increase their permanent staff levels in the next three months.

Posted by Miles Pritchard 

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