UK Racing Ahead With New Business
12th December 2017.
The UK outranked all other major developed economies in terms of the number of businesses established last year, according to figures from accounting group UHY Hacker Young.
The UK became home to 218,000 new businesses in 2016, a six percent rise from the year before. Meanwhile, other major developed economies including France, Germany, Italy, Japan and the US saw an average two percent rise in the number of businesses over the year.
Daniel Hutson from UHY was pleased with the results, suggesting this may spell a brighter bigger picture.
“As the start-up climate improves, financial pressures are easing and investment for growth is on the cards”, he added
UHY credited alternative funding platforms, such as crowdfunding and peer-to-peer (P2P) lending, with helping to boost the entrepreneurial environment. The recent decrease in corporation tax may also be helping to attract firms to the UK.
“The figures suggest confidence in the economic outlook, despite Brexit. Whether this is sustainable, given the uncertainties that still surround the ongoing negotiations with the EU, will be something the government will want to watch,” said Hutson.
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