The UK’s business population has reached its “highest ever level”, up by 4 per cent from £2 million last year to £2.1 million, according to research from UHY Hacker Young.
The research found that the number of businesses in the country per capita has increased to 32.7 businesses per 1,000 of the population, nearly reaching the pre-recession level of 32.8.
The UK’s start-up economy is booming, with millennials in their 20s and 30s helping to drive growth, according to the study. Research from last year showed that there were over 26,400 businesses in the UK with a director aged 21 or under.
The UK was also recently ranked sixth out of 189 countries by the World Bank for ease of doing business, which is also thought to be a contributing factor to the increase in the country’s business population. The country was recognised for having the lowest corporate tax rate in the G20.
New businesses in the UK are also receiving more support from the government through grants, loans and tax relief for entrepreneurs.
Commenting on the increase, UHY Hacker Young Partner, Marc Waterman, said: “The UK’s thriving start-up economy has driven the number of businesses to its highest ever level. The recession showed that working for big business is no longer a guarantee of job security.”
He added: “In this environment, the UK government is aware that a large proportion of millennials want to start their own businesses, and has put a range of schemes in place to support new companies. This has given young people the confidence to strike out on their own.”
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