Number of British companies hits an all-time high

posted by 3 years ago in News

Brexit, the value of the pound, a government in turmoil and divided attitudes towards the future of enterprise in the UK have all been hitting the headlines. Not to mention the downward spiral of BHS! However, there’s one statistic that shines a light on entrepreneurial spirit in the country – the number of start-ups has increased at such a rate that there is now one incorporated business for every 17 people. Last week it was revealed that 53,000 new companies registered in May and 38,000 dissolved. That takes the total to the highest number ever recorded – 3,721,493.

So is there more going on here than just the British stiff upper lip in the face of perceived adversity?

It would seem that this is not a new phenomenon. In the past three years, the number of companies in Britain has increased by 676,000. Lower taxes, a rise in olderpreneurs (those over the age of 50) and the growing online marketplace are all being touted as possible reasons for the upsurge as is the ease at which people can set up a business these days.

Head of Businesscomparison.com Philip Brennan says it’s no surprise that an increasing number of people are taking the plunge and starting up their own enterprise:

“In many respects it’s never been easier for business owners to set up and manage their companies. We created Businesscomparison.com to make the process even easier for entrepreneurs by allowing them to find bank accounts, alternative funding and business insurance and to compare deals on loans and energy. We’ve also made it easy and transparent for business owners to access alternative finance to support and grow their initiatives whether they’re sole traders, micro or small enterprises. Our site has had more than 36,000 users in the past year.”

Whilst these figures might not necessarily imply a pot of gold at the end of the rainbow (or tunnel depending on your viewpoint) they’re a positive sign that optimism, at least among start-up entrepreneurs, is riding high.