- Number of business creations last quarter (measured by additions to the Inter-Departmental Business Register) was 15% higher than in Quarter 3 2022.
- Strong new business growth in the professional, scientific and technical sectors.
- Regionally Scotland, Northern Ireland, the South East and East of England were the strongest for new business creation.
- Number of business closures last quarter (measured by removals from the Inter-Departmental Business Register) was 14% lower than in Quarter 3 2022.
- The biggest improvements in business deaths came from the transport and storage sectors.
- Regionally the West Midlands and the North East saw the biggest improvement.
Nicholas Hyett, Investment Manager at Wealth Club, commented:
“UK businesses face an exceptionally tough economic environment, with rising costs, higher interest payments and cash strapped customers. Against that background Q3’s business creation and closure numbers are remarkably robust.
To be clear this isn’t a start-up boom, business creations are about in line with the long run average. But nor is there an apocalypse sweeping though UK businesses. In fact things are significantly better than they were this time last year. Nor is the good news concentrated in London and the South East, with signs of strength across the country, while strong new business formation in the scientific and technical sectors will be welcome for those who think the UK is over reliant on the financial services sector.
That’s probably a better result than could reasonably have been expected, and an improvement on where we were at the start of the year. Of course there are tough times ahead, but so far at least, UK businesses seem to be weathering the storm. It’ll be interesting to see how that influences the Autumn statement in a month’s time.”
https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemographyquarterlyexperimentalstatisticsuk/julytoseptember2023
For further information contact:
Jo Thorne: 07939882816, [email protected]
