Value of UK's non-financial businesses reaches record £1trn

 
Ashley Kirk
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Chancellor George Osborne visits the Prysmian Group factory in Eastleigh (Source: Getty)

The value of (non-financial) UK businesses reached £1 trillion for the first time in 2013, according to figures released by the Office of National Statistics.

In 2013, the income generated by firms, less the cost of goods and services used to create this income, was estimated to be £1.001 trillion.

This amounts to a 6.8 per cent increase in the approximate gross value added of non-financial businesses since 2012 - which increased by £64.1bn in one year.

Service industries were boosted - but production and manufacturing suffered

Growth in the industries within the non-financial cluster has varied significantly since the recession. Between 2008 and 2013, three of the six sectors measured by the ONS have declined.

The gross value added to the non-financial services industry was 24.3 per cent over the six years, the highest of the non-financial industries.

However, there was a decline in the value of the construction and distribution sectors. The biggest fall was in other production industries, which dropped 12.2 per cent between 2008 and 2013.

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