High borrowing costs and weaker demand are hitting UK business creation, prompting a fall in the number of enterprises that is adding to pressure on the stagnating economy.
The number of businesses set up in 2022 dropped 7 per cent to 337,000 compared with 2021, driven by sharp decreases in retail, couriers, real estate and construction, according to a Financial Times analysis of data published by the Office for National Statistics last week.
The figures, which were taken from the ONS-maintained Inter-Departmental Business Register, also showed a 5 per cent rise in the number of businesses closures, meaning they overtook creations for the first time since 2010.
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