The UK is on course to create more businesses than ever before in 2016, with 80 new start-ups per hour in the first six months of the year.
Figures from government-backed initiative StartUp Britain show that 342,927 new businesses were registered with Companies House in the first half of the year. That is more than half the record 608,110 reached in the whole of 2015, indicating a new record will be set this year.
2015 saw 70 businesses created per hour, but that record also looks set to be broken by the end of the year. However, the vote to the leave the European Union could deter entrepreneurs from setting up in the second half of 2016.
Matt Smith, director of the Centre for Entrepreneurs and key figure at StartUp Britain, said: “Entrepreneurship is a personal endeavour and there will always be risk and uncertainties.”
“Britain is on-track to beat last year’s record figure for startups,” he added. “There’s been no slowdown in business formation – entrepreneurs by their nature will rise to the challenge.”
Meanwhile, government figures claim there are fewer businesses becoming insolvent, as well. Between January and March, 3,694 companies entered insolvency – 3.6% lower than the same period last year.
StartUp Britain is currently halfway through its fifth bus tour around the UK. The tour aims to build awareness of entrepreneurship. You can find out more about the bus tour here.