Research conducted alongside the Centre for Economics and Business Research (CEBR) found that the biggest rise in new SMEs came in the technical and professional sector.

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Sectors by level of growth:

There are almost 40% more legal services SMEs, architects and vets than there were in 2010, while other strong growth areas include information and communication (33%), business services (25%) and transport and distribution (22%).

The slowest rise in SMEs were those entering the retail and construction sectors, but these industries have higher numbers of SMEs overall.

Hampshire Trust Bank’s study found that 39% of retail and 28% of construction companies said competition was the biggest barrier to growth.

Mark Sismey-Durrant, CEO of Hampshire Trust Bank, said its report identified the crucial role of SMEs within the economy and was encouraged by the growth across all sectors since 2010.

“These figures should be seen as a source of optimism for the government in terms of providing employment and long-term economic prosperity for the years ahead.

“As the government prepares to set out plans for leaving the EU, I urge them to keep the spotlight on smaller companies by creating conditions and opportunities which will support the levels of growth our research has identified.”

Nina Skero, managing economist at CEBR, said this study was another indicator of how strong UK SMEs were and the vital role they play within the economy.

“It’s encouraging to see SMEs across various industries posting a strong performance.

“This further highlights how vital it is to nurture the optimism they are demonstrating if they are to continue driving economic growth.”