New figures have shown the Turner Little team that the number of businesses established in the UK increased during the 2014/2015 financial year.
Growing economy
The UK’s economy has recorded impressive growth rates over the past two years. Data from the BBC’s GDP tracker indicates that the UK’s economy expanded 1.7% in 2013, and 2.6% in 2014. Furthermore, the International Monetary Fund recently said that the UK’s economy expanded 2.5% in the half of 2015, according to the Financial Times.
This has directly benefitted small to medium sized enterprises (SMEs) across the country. If the economy is expanding, it presents SMEs with more opportunities to create revenue, allowing them to tap new markets and expand. The booming economy has also provided UK-based entrepreneurs with more opportunities they can utilise to establish new businesses.
Start-ups boom
Recent analysis of Companies House data by Instant Offices shows that entrepreneurs across the country are taking advantage of the UK’s economic recovery. Smallbusiness.co.uk reported that 68% more start-up businesses were established in the 2014/2015 financial year than the year before.
New business growth was strongest in the Midlands and the North of England. According to the analysis the number of new businesses grew 40% in Bristol and 39% in Birmingham, however the number of start-ups in London only expanded 21% in the 2014/2015 financial year.
Shifting demand
Tim Rodber, CEO of Instant Offices explained that demand for flexible office space symbolises the role that the UK’s contingent workforce is coming to play in the rising number of start-ups. He noted: “We can track this by the increase in demand for one to two desk requirements in offices across the country. Nottingham, for example, saw a 37% increase in new office enquiries from 2014 to 2015, obviously driven by these increases in start-ups.”
Rodber added, “Start-up growth and demand for offices has been driven by London since 2010 but now the balance has shifted to the regions where, perhaps, renewed confidence in the economy is seeing growth in entrepreneurialism.” He went on to say, “London is, of course, the largest market for such growth, but the demand in smaller markets is remarkable and this is symbolised by growth in Nottingham, Leicester and similar-sized cities.”
Turner Little
Therefore the improving of the economy is making it easier for entrepreneurs to establish start-ups throughout the UK. If you utilise Turner Little’s UK company formation services, you can access support you to capitalise on the UK’s booming economy by establishing your own business.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agents, Registered Bank Intermediaries and Business Consultants, as well as Trust providers.
