According to data collected by StartUp Britain, a record breaking 80 businesses are being created by entrepreneurs every hour in the UK. The number of new businesses registered with Companies House between January and June 2016 reached 342,927.
London experienced the biggest rise in the number of business start ups followed by Worcestershire, Hertfordshire, Staffordshire and Cheshire. These figures suggest that 2016 will be an excellent one for small businesses, particularly with fewer businesses going bust, according to the insolvency data from January to March.
Despite the collapse of high-profile brands such as BHS and Austin Reed, Government figures show that 3,694 companies entered insolvency from January to March 2016, 3.6pc lower than in the same period during 2015. That said,the same statistics are yet to be affected by the Brexit result, whose effects remain to be seen.
Director at Thinktank the Centre for Entrepreneurs, Matt Smith said “Entrepreneurship is a personal endeavour and there will always be risk and uncertainties. Britain is on track to beat last year’s record figure for start-ups. There’s been no slowdown in business formation – entrepreneurs by their nature will rise to the challenge.”