Local communities continue to place great value in local businesses, new research has shown.

Carried out by Santander Business Banking, the study revealed consumers continue to frequent these firms despite wider concerns that independent setups are struggling to compete with larger organisations.

Small business insurance customers may therefore rest assured there is still interest in the goods and services they provide.

According to the investigation, shoppers are spending an average of £88 a week in local stores, which calculates at a combined total of £217.7 billion a year.

Robin Foale, managing director of Santander Business Banking, stated: "This research highlights how local businesses remain a relevant and integral part of any community."

He explained people continue to make use their local amenities, with small companies having plenty of opportunities to expand and develop their operations, even in these times of economic uncertainty.

The most valued of these businesses were found to be pubs, followed by newsagents and grocery stores.