Record number of start-ups

August is the top month for new businesses to start says the study
August is the top month for new businesses to start says the study

A record number of new businesses were launched last year despite concerns over funding and technology, a study shows.

Research by 02 revealed that 581,000 businesses started in 2014, with the most popular day being August 28.

There were almost 4,800 new starts on this day last year.

02 said its study also found a 51 per cent increase in new baking businesses since the BBC’s popular Great British Bake Off was launched five years ago.

Ben Dowd, business director at O2 said: “It’s encouraging to see that the UK continues to have a thriving start-up scene, with a record number of entrepreneurs biting the bullet and starting their own business.”

The report added that some budding entrepreneurs were being put off because they do not feel they have enough funds for start-up costs or were not confident that their grasp of modern business technology was solid enough.

Small Business Minister Anna Soubry said: “The Government will shortly be introducing the Enterprise Bill, which will bring further cuts to red tape and create a Small Business Commissioner to help tackle late payments.

“We’re also extending our start-up loans scheme and helping small firms take on employees without paying the jobs tax to ensure the BUnited Kingdom is the best place in Europe to start and grow a business.”