Barclays: Business start-ups at record levels

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Barclays: Business start-ups at record levels

Barclays recorded the highest level of businesses start-ups in 2007 since their research started 20 years ago.

It found that 471,500 new businesses opened their doors last year, the highest annual volume since in began tracking the market in 1998.

That also represents a three per cent increase on 2006, when 457,200 new businesses were founded.

On average, 393,000 new firms have begun trading in each year for the last two decades, although some years were significantly better than others.

In 1992, when the country was in the grip of a recession, only 280,000 new businesses were started up.

Some 20 per cent of new firms created last year are construction-related, which John Davis, marketing director for Barclays local business enterprise, says suggests that "Brits' obsession with home improvement is far from over".

He also noted that "closures increased markedly during 2007 reaching 498,900, an increase of eight per cent on 2006".

Research released last week from Abbey revealed that 49 per cent of Britons would like to start up their own enterprise, but only one in six has done anything towards that goal.
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