British entrepreneurship running strong, despite recession

Date: 3rd March 2009

Britain's entrepreneurial spirit is alive and well despite the difficult economic climate, it has been revealed.

According to a new investigation by Nectar Business, the company rewards scheme, nearly 40 per cent of all adults aged under 34 years old plan to set up their own company at some point, the website startups reported.

The research also found that Londoners were the most determined when it came to forming a partnership, limited company or going it alone as a sole trader.

As reported by startups, the survey stated: "When it comes to guts in business, the Scots are the biggest risk takers.

"Nearly a quarter of those surveyed dream of starting their own business because they like taking risks and would love the challenge."

Results from the investigation also showed that 62 per cent of people in the south of England were driven mainly by money, while 71 per cent of individuals in Wales and the Midlands suggested it was to improve their work/life balance.

Last month, a representative from the Federation of Small Businesses told the Financial Times that the rising redundancy rates had led to a surge in new sole traders.