Business creation booms despite economic challenges
More than 100 new businesses were created every hour across the UK during the first half of 2023, according to new research by small business leaders.
More than 436,000 businesses were registered in the UK between January and June 2023, representing an eight per cent year-on-year increase.
Iwoca found that London saw that highest rate of business creation, with the North West in second place.
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Scotland saw the fewest new business registrations, with just 365 companies set up for every 100,000 residents.
Iwoca also found that self-employment is making a comeback, with the highest levels of self-employment recorded since December 2020. In the first quarter of 2023, there were 4.39m self employed individuals – an increase of 154,000 on the previous year.
“It is encouraging to see so many new businesses being created during the first half of this year, despite high inflation and economic uncertainty,” said Seema Desai, Iwoca’s chief operating officer.
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“Iwoca’s Business Hotspots 2023 list shows that the spirit of entrepreneurship is strong across the whole country, with tens of thousands of businesses being created in each region.
“This will be vital for the country’s economic growth over the next few years, and is a huge vote of confidence in the UK as a place to do business.”
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