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A new index has indicated that small to medium sized enterprises (SMEs) in the UK have enjoyed a bright start to the year.
PKFs SME Index indicated that growth was up in the first quarter when compared with the previous three months.
In addition, business start-up output rose from 55.8 per cent to 56 per cent during the same period.
Output charge inflation in the sector was at its highest rate since the fourth quarter of 2004, while employment growth was last bettered in 1998.
Stuart Barnsdall, the PKF partner for growing business, explained that UK SMEs were performing "robustly" but indicated that growing raw materials costs were forcing companies to increase prices.
"There have already been a number of recent interest rate rises and with inflationary pressure still building, the Bank of England will almost certainly raise them again and therefore such robust growth is likely to be restrained in the coming months," he added.
The Ministry of Defence today pledged to offer more contracts to the SME sector.
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