Kevin Brennan

A report published today reveals that Cardiff West is home to 11 high growth small businesses (HGSBs). Representing less than 1% of UK businesses, this tiny group of companies are punching well above their weight by making a significant contribution to UK economic growth and proving they can be a force for a regional revival.

One in every three new jobs in the UK and almost 20% of economic growth was created by HGSBs last year. On average, these 22,470 companies created on average 4,500 news jobs each week in 2014 – three times more than the entire FTSE 100.

In Wales these businesses employed 16,000 people and contributed £2 billion of turnover to the UK economy last year.

The Octopus High Growth Small Business Report 2015, commissioned by Octopus Investments (Octopus) and produced by the Centre for Economics and Business Research (Cebr), highlights the value of HGSBs to the UK economy and the role these companies could play in driving regional growth, addressing the North-South divide and rebalancing the economy. The report, which makes the case for increasing the number of HGSBs by 25% in every region in the next five years, reveals that the Wales has 600 HGSBs.

Kevin Brennan, MP for Cardiff West, commented: “It is great to see that Cardiff West is home to these HGSBs, but we can do better. This report proves just how important enterprise and fast growing small businesses are to our local community. They are driving our local economic prosperity and making a real difference to our area. We need to get behind these companies to help them realise their full potential as a force for regeneration and growth.”

Iain Wright MP, Chairman of the Business, Innovation and Skills Select Committee commented: “This Report from Octopus highlights how important high growth small businesses are to the economy of the UK and how they are the key to growth in every region, particularly in the North. We need to ensure that these companies have the opportunity to grow still further, providing great opportunities across the countries. MPs will want to back these businesses, as they provide prosperity and job growth in every constituency.”

The report was launched at an event hosted by Nigel Adams MP yesterday evening (20 October) at the House of Commons in front of a select group of policy makers, HGSBs, members of the entrepreneurial community and industry representatives, with speeches from Iain Wright MP, Labour Chair of the Business, Innovation and Skills Select Committee, and John Glen MP, Parliamentary Private Secretary to Rt Hon Sajid Javid MP.