UK second only to China for start-up growth
The number of new UK businesses is up by 51% on 2010 with over 580,000 start-ups launched last year
The UK is leading Western economies in the growth of new start-ups and is second only to China when it comes to global start-up rates, research by UHY Hacker Young has revealed today.
According to the statistics – compiled using analysis of new business registrations across 22 countries – there has been a 51% increase in the number of new UK businesses since 2010 with 581, 173 start-ups launched in the UK in 2014; compared to 385,741 start-ups in 2010.
This percentage increase is markedly higher than that of France (39% start-up growth), Germany (40%) and even the USA (11%).
On a global scale, China has seen the largest rise in new business creation with over 1.6 million start-ups launched in 2014 – a 98% increase on 2010.
The study claimed that the recent rise in UK start-ups has been largely due to reductions in taxes such as corporation tax, and the act of “simplifying bureaucratic burden” to make it possible to establish a company in the UK in less than five days compared to the global average of 20 days.
Colin Jones, partner at UHY Hacker Young, said that the UK now “provides the right environment for start-ups to grow”:
“The UK has recovered from what were difficult economic conditions and is now a leading nation for encouraging and helping start-ups.
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“Although the economy has bounced back from the recession, the coming years will bring their own challenges, and governments around the world need to find ways to turn these new start-ups into prosperous businesses.”