London SMEs are second biggest savers in the UK

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Small and medium-sized enterprises (SMEs) in London are among the biggest savers in the country, second only to those in the east of England, a report reveals.

The study, conducted by the Hampshire Trust Bank, found that London-based businesses have, on average, £829,000 saved in a business bank.

The biggest savers were found in the east of England, with firms having saved £966,000 on average.

Meanwhile, the lowest savers were found in the South East, with average savings totalling £132,000.

SMEs in the South West and in Northern Ireland were the most active savers, investing 79 per cent of their funds into business savings accounts, while businesses in the West Midlands were found to be the least active, investing just 36 per cent of their funds.

The national average for business savings is £556,000, or 57 per cent of an SME’s total funds, report Hampshire Trust.

Stuart Hulme, director of savings at Hampshire Trust Bank, said: “Our study demonstrates the regional differences in the amounts businesses are holding in current and savings accounts.

“It’s encouraging to see SMEs in the South West and Northern Ireland are confidently planning for their future, by placing the majority of their total funds into savings accounts.”