NEW business start-ups are expected to outnumber company failures by more than four to one this year.
A survey by business intelligence experts Creditsafe said company insolvencies were likely to rise by 4% during 2011 – but start-ups are predicted to rise by 18% with 471,466 new firms this year compared with 400,570 in 2010.
Yorkshire is expected to see 28,802 new businesses up and running this year, putting the region ahead of Scotland (26,253), the East Midlands (19,870), the North East (11,711), Wales (8,868) and Northern Ireland (5,350).
Across the UK, the first three quarters of 2011 saw a net 386,000 increase in registered limited companies. The whole of the year is expected to see about 455,000 new businesses added to the UK market after insolvencies are taken into account.
London is the centre of business start-ups with almost 160,000 new businesses expected to be set up by the end of the year while the South East is the second most popular location for fledgling businesses.
David Knowles, business development director at Creditsafe, said: “This year has been difficult, but the entrepreneurial spirit of the British public is alive-and-kicking.
“Overall, growth in the UK business population has actually accelerated in 2011.”