H2 2021 saw 80 businesses formed every hour

Although 2021 didn’t get off to the best start, with a strict lockdown in place for the first three months, the first half of the year saw a surge in startups with almost 80 new businesses created every single hour.

Companies House data analysed by business lender iwoca revealed that over 340,500 UK businesses were registered between January and June 2021 – a 32% increase on the same period in 2019. The sheer number of business startups suggests that the pandemic has led UK workers to reassess their career priorities, and that a significant number of employees supported through the furlough scheme have decided to start their own business rather than returning to their job.

iwoca co-founder and CEO, Christoph Rieche, commented, “It is fantastic to see the creation of so many businesses during the first half of this year, they are testament to the entrepreneurial spirit which characterises our vibrant economy.” The number of new startups varied by region, with London taking the top spot for businesses registered (120,338), followed by the South East (37,573) and the North West (33,640).