The Times reports that, the UK had 5.7m businesses, at the start of the year. This was an increase of 191,000 from the previous year, according to the Department of Trade & Industry (DTI). It is claimed that this was primarily due to 201,000 new self-employed and one-person companies being registered. Interesting that this is despite a decline of 9,000 in firms employing staff. Jonny Haseldine from the British Chambers of Commerce noted: “It’s really welcome to see the UK’s entrepreneurial spirit created more private businesses in 2024.” However, he warned that many SMEs face “widespread cost pressures” and urged the Chancellor to avoid imposing further new taxes on businesses.

BFS Comment:

Encouraging news, but how many of these new business owners/managers have the right level of knowledge & experience to make a success of their business? Having a ‘grand idea’ is one thing. Having the ability to make it into a success is totally another! Then there is the question of finance! “Do I have access to sufficient funds to get this business off the ground and to sustain its growth?”. If you have, or are thinking of starting a new business and have concerns in either case then come and speak to us. Just ask for one of our free ‘no-strings’ Consultations. Simply e-mail us at enquiries@bufinserv.co.uk ) or complete the enquiry form on our web site www.bufinserv.co.uk but do it sooner rather than later!