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In June 2020, the average SME bank account balance was 16,000.
Three years later in July 2023, this had dropped to 2,000.
These figures come from an analysis of the UKs small business sector using Open Banking data.
The report citesgovernment data, which reveals that SMEs account for 99.9% of the business population.
Looking ahead, its clear that a two-pronged approach is needed to tackle unnecessary expenses and increase revenue.
