101 new businesses were created every hour in the UK in the first half of 2023, despite economic turbulence, according to new data from Companies House which found that 436,000 businesses were registered between January and June 2023.
Compared with the same time period in 2022, which saw 402,000 new businesses set up, the data showed an increase of 8 per cent with London and the North West of the UK being highlighted as the top places to start a new business.
The iwoca’s Business Hotspots 2023 report also revealed London to be the hot spot for business creation in the first half of the year, highlighting that 1,768 businesses were created per 100,000 people, while Scotland came at the bottom with just 365 companies set up per 100,000.
Looking at London specifically, Camden came out at the top of the list of council areas, with 13,646 companies being registered by 100,000 residents, showing an increase of nearly 3,500 when compared to the same time period in 2022, followed by Hackney and then Islington.
Steven Mooney, Founder & CEO of FundMyPitch, commented:
“It is fantastic to see an entrepreneurial flair continue to shine despite the uncertain economic times, however, the right support and investment is needed to support new businesses as they find their feet. SMEs act as the backbone to the UK so it is vitally important that budding entrepreneurs aren’t discouraged by the lack of funding available.”
“As the economy recovers, the government and investors must prioritise supporting the businesses that will act as key growth drivers in the coming months and years, helping the economy to recover and stabilise.”
Seema Desai, iwoca’s Chief Operating Officer said: “It is encouraging to see so many new businesses being created during the first half of this year, despite high inflation and economic uncertainty. iwoca’s Business Hotspots 2023 list shows that the spirit of entrepreneurship is strong across the whole country, with tens of thousands of businesses being created in each region. This will be vital for the country’s economic growth over the next few years, and is a huge vote of confidence in the UK as a place to do business.”
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