The entrepreneurial spirit in the United Kingdom is rising according to Barclays’ Entrepreneurs Index, released last month.
According to the report, the number of active companies increased in 2013, by 7% compared to the previous year, hitting 2.9 million companies in total. A record number of 526,446 new businesses were registered with Companies House in the UK.
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In addition, the proportion of high-growth companies, with revenue bands between £2.5 million and £100 million, rose by 30% in the year to March 2013. The largest proportional increases in these companies were tradition, cyclical industries, such as construction, manufacturing and transport, which rose 55%, 47% and 37% respectively.
However, there was a decline in the number of active companies undertaking share sales in the second half of 2013, 16% overall. The results were varied across size bands as companies with turnover between £10 million and £20 million saw a 20% increase in share sales.
Richard Phelps, managing director, said: "It is encouraging to see through this Index that not only is entrepreneurial activity still on the rise, but the proportion of these start-ups going on to prosper and growth is also on the up. We are hopeful that this momentum will continue to drive the UK economy toward further growth in the upcoming months and years."
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