The number of new business start-ups has fallen in the last 5 years.
Lloyds Bank’s analysis of BankSearch data found that there were fewer new start-ups in November 2016 compared to the same period in 2011.
Wales has seen a 26% decline in new businesses starting operations between the 12 months from November 2011.
In contrast, Scotland declined by 3% over the past 5 years.
Start-ups in England declined by 20%, equating to nearly 100,000 fewer new businesses in 2016 compared to 2011.
- Yorkshire and the South West saw 26% and 24% fewer start-ups in November 2016 as compared to 2011
- West Midlands and London saw a 16% and 17% decrease in new start-ups respectively
- 14 of 32 regions in Scotland saw growth in new start-ups over the last 5 years
Jo Harris, managing director of retail business banking at Lloyds Bank, said:
“The new year is a time when people aim to make a fresh start. There’s no bigger or braver change you can make than starting your own business.
“The recent downward trend we’ve seen in new business start-ups is likely to be a response to the uncertain economic environment; however there are significant opportunities if you have the determination and drive.”