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New Business Start-Ups Rise

According to a new study the number of entrepreneurs is the UK is escalating- bumping official business start-up figures to the highest they’ve been in the last three quarters.

Barclays has released a report analysing the number of new businesses in the UK. The results show there have been 98, 000 new start-up businesses in England and Wales making the first quarter of 2008 the highest for recorded start up numbers in the past three quarters. While the increased number of entrepreneurs flourishing from the UK has been praised, recorded numbers remain down from 2006 and early 2007.

The most popular business amongst entrepreneurs were financial services, construction and the retail sector. Out of the three, financial services greeted a huge 27, 500 new start-ups, construction welcomed 15, 100 new start-ups and the retail sector a lower 10, 700 start-ups.

“Small business entrepreneurs are finding opportunities in the market place,” comments John Davis, Marketing Director for Local Business at Barclays.

“They are entering in reduced numbers, reflecting an uncertainty over short-term economic prospects, but clearly there's a feeling there is never a bad time to start a good business.”

Other results revealed 15 percent of start-ups in 2007 involved owner- management who operated outside of the UK. Davis comments:

“These figures show the great contribution being made to the UK economy by non-UK nationals.”

“There is a lot of skilled labour going into these start-ups - for instance, in the health, education, and social work sectors, where over one in six start-ups have involvement from non-UK nationals.”

On a local scale London was the homing ground for most new businesses and plays an “important role in the business life of a number of urban areas outside of the capital,” adds Davis.

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