New business in the UK
It has been revealed that since 2016, the number of new businesses registered at Companies House has risen by 6% across the UK. The sentiment of entrepreneurs at the ground level of small business is a great indicator of the state of the future economy. Positivity from entrepreneurs reiterates the feeling that small business will continue to thrive in the coming months and years.
Top 5 areas with the highest percentage growth between 2016-2018:
- Darlington – 151%
- Pembrokeshire – 140%
- Corby – 97%
- Burnley – 91%
- Richmondshire – 88%
Ongoing media furore surrounding Brexit does not represent entrepreneurial attitudes on the ground across the country. The UK continues to be a hot bed of new business ideas and ambitious forward thinkers. Innovation and invention is key to this success as we move into a period of focus on knowledge-intensive SMEs. This focus is brought about by Government strategy, and a desire to foster an environment in which the next big tech idea can flourish.
In areas that already have positive new business sentiment, growth is continuing despite negativity surrounding Brexit and its future implications.
The top 5 areas with the highest number of new businesses founded in 2018:
- Greater London – 216,204
- Birmingham – 18,590
- Manchester – 9,107
- Leeds – 7,376
- Glasgow – 6,396
The fantastic range of SMEs looking to grow and scale as we approach 29th March is testament to Britain’s attitude to starting businesses and forging our own paths, as people and as a country as a whole. Growth is one of the key junctures for building globally facing and resilient businesses and with so many options, alternative finance is becoming increasingly mainstream for small businesses looking to take the next step.
Building Brexit resilience has been a keen topic of discussion for the investment community, and these new business attitudes display a robust and ambitious private sector, destined for success in or out of the European Union. Progressive business leaders will look to other opportunities to scale internationally beyond the EU, so now is an exciting time both for the UK’s entrepreneurial economy and entrepreneurs.
Looking at Brexit as an opportunity to encourage entrepreneurialism will likely only strengthen an economy that is based on the SME sector. While big business may continue to grab headlines, the real barometers of sentiment exist in the individuals who believe in their ideas and the future.
IW Capital is keen to support regional small businesses, as well as those in London and the investment golden triangle. Testament to this is the recent coverage in the Yorkshire Post and East Anglian Daily Times.