Small and medium sized enterprises (SMEs) accounted for 99.9% of all private sector enterprises in the UK, employing 59.2% of the private sector workforce and generating 48.6% of private sector turnover. SMEs are defined as companies with less than 250 employees, with small enterprises having less than 50 employees and medium enterprises employing between 50 and 249 people. The document provides statistics on the number and size of SMEs as well as their contribution to the UK economy.