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51% increase in number of start-ups since 2010
Research by global accountancy firm UHY Hacker Young has revealed record levels of new business creation.
Start-up growth in the UK is considerably higher than anywhere else in Europe. Globally, it’s second only to China, with a growth rate that’s significantly greater than the United States.
And the start-up survival rate is on the up, too
According to the Barclays and Business Growth Fund Index, the number of company dissolutions decreased between December 2014 and June 2015 – the first time this has happened for three years.
With record numbers of start-ups and improving survival rates, the outlook is positive for British business. So what’s driving this progress?
It’s widely acknowledged that reductions in taxes – especially corporation tax – are making a big difference, but a reduction in red tape is helping too. For example, globally, it takes an average of 20 days to set up a business, whereas here in the UK it takes only 5.
So rightly, entrepreneurs are growing in confidence and Britain as a whole is reaping the rewards.
But we must beware of rising costs
Small businesses have to worry about far more than taxes and red tape, however. In a survey taken last year by commercial insurer RSA, small business owners included a lack of bank lending and rising energy costs among their top reasons for start-up failure.
To ensure these positive start-up trends continue, banks need to show more faith in entrepreneurs. And elsewhere, energy providers should be looking at ways of helping small businesses and start-ups specifically.
Because there continues to be a lack of understanding of how fatal high business costs are for start-ups and SMEs in particular.