UK entrepreneurs are leading the way out of the Covid-19 crisis with the number of new businesses created up 15 per cent in the last year, according to ECI Partners, a growth-focused mid-market private equity firm.
According to figures from the ONS, a total number of 405,555 new businesses were created in the UK in 2020/21, compared to 352,575 in 2019/20.
Despite the economic challenges of the pandemic, UK entrepreneurs have shown their resilience and the rise in business creation provides an optimistic outlook for new businesses in the UK.
Mark Keeley, Partner at ECI Partners, says: “These figures really demonstrate the UK’s strong entrepreneurial spirit, with business leaders focussing on how to thrive rather than simply survive.
Entrepreneurs will be key to the UK’s economic recovery and it’s important these businesses are offered the right infrastructure and support to scale up. It was positive to see initiatives such as training and support for digital adoption and investment in skills announced in the Autumn Budget, but it’s important these promises are carried through and delivered at pace.”
