Barclays today unveils new figures showing record levels of entrepreneurial activity in the UK. Research shows that 288,000 new firms have been started up in the first six months of 2004, almost a quarter more than the same period last year (233,000). This is the highest level recorded since Barclays started tracking the market in 1988.
Richard Roberts, Head of Small Business Research at Barclays comments: “The record levels we have seen so far this year reflect the large rises in people becoming self employed to boost their income or achieve a change in lifestyle. The ability to do this has been assisted by the strength of the economy which has provided opportunities for individuals to set up in business.”
Regionally, London led the way in the national rankings of business start-ups with local authorities in the Capital occupying the first eight places. Outside London, Blackpool recorded the highest start-up rate followed by Somerset and Manchester (see table 1). However looking at regions as a whole the South West was the top hotspot outside London for attracting entrepreneurs (see table 2).
At an industrial level, leisure, business and professional services saw the greatest increase in start-up volumes between the first half of 2003 and 2004, an increase of 37,000 new firms – more than two-thirds of the total rise in starts (see table 3). However, hotels & catering had the fastest growth rate in start-ups between the two periods, more than 70 per cent – which could be as a result of sustained above average growth over the past two years.
For further information, a case study or interview please contact:
Emma Keens/Kirstie Robbie
Barclays Public Relations
0207 699 3851/2312
emma.keens@barclays.co.uk / kirstie.robbie@barclays.co.uk
Notes to editors
Start-up figures are compiled from mainstream businesses - those operating through business current accounts.
To provide meaningful comparisons our regional and local figures are also presented as rates relative to the resident population of working age.
About Barclays
Barclays provides banking services to over 500,000 small businesses in the UK. As part of our ongoing commitment to encourage people to set up their own business we provide the following tools:-
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Free seminars, which seek to provide practical advice on business planning, bookkeeping and how to obtain finance - the key issues people face when starting up a business, according to previous attendees. Run in conjunction with the National Federation of Enterprise Agencies, these seminars run from 6th September until 12th November.
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Barclays also offers customers free access to a panel of experts to advise on marketing, accountancy and legal matters to ensure that all aspects of setting up in business are considered as part of our package for start-ups.
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Free guides - Make The Most Of Running Your Business and Make The Most Of Your Business Status.
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Business Manager’ a software and service package created through Clearly business the Small Business arm of Barclays, to provide all the information, tools, advice needed to start up and run a successful business.
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Barclays small business managers undertake a training course labeled "Understanding Small Business" endorsed by the Small Firms Enterprise Development Initiative (SFEDI - www.sfedi.co.uk). Barclays is the only bank to receive this endorsement.
