Despite the economic uncertainty, Companies House have released figures showing that the number of new business start-ups last year increased to 663,272. This is up by 5.7% from the downturn of 2017, which saw a 4.6% drop.
Though the capital saw the largest increase, cities throughout the country including Birmingham, Manchester, Leeds and Bristol also saw a sharp increase in new ventures being started. London saw an increase of 5.2% to 216,204. Birmingham recorded 18,590 business formations for last year up from 13,165 the previous year. In Scotland, Glasgow and Edinburgh saw a decrease in new business start-up. Glasgow was ahead of Edinburgh, for the third year running, with 6,396 formations compared to 5,439 in Edinburgh. Thus, indicating that Glasgow is still the business hub of Scotland.
“It is encouraging to see formation numbers recover and hit a new high”, says Matt Smith, director of the Centre of Entrepreneurs. “These figures demonstrate the resilience and confidence of entrepreneurs across the country.”
However, though The Organisation for Economic Co-operation and Development ranked the UK as thirds for start-ups, it fell to thirteenth in the world for scale-ups in 2017. An early-stage investor, Malcolm Evans, says “Scale-ups, which are what matter, require changing the shape of the commercial world around you by showing precision and human flair. It’s quality over quantity.”
Source: Centre for Entrepreneurs/The Sunday Times
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