Business start-ups rising despite recession

Date: 26th March 2009

New business start-ups flourished in 2008 despite the recessionary climate, new statistics have revealed.

Figures published by Barclays show that the number of business start-ups launched during the year rose to almost 437,000, from just over 432,000 in 2007.

The research suggests that there is still an entrepreneurial appetite in the UK, in spite of the much publicised economic doom and gloom.

Local business managing director at the bank, Steve Cooper, commented: "There could be a number of reasons for the robust start-up market, including individuals made redundant opting for self-employment.

"We should remember that there are always opportunities, even in more challenging times."

The figures also highlighted a trend for new female led business start-ups, of which there was a nine per cent increase during the year.

A recent investigation by the Forum of Private Business discovered that an increasing number of small firms in the north-east were successfully exploring franchising opportunities in a bid to beat the recession.