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UK start-ups buoyed by Brexit vote

By CreditMan Monday, October 10, 2016

More UK businesses have been set up in the 100-days since the result of the EU referendum than in the corresponding period in 2015 pre-Brexit vote, according to new findings released today. The research, compiled by Creditsafe, the world’s most-user provider of online company credit reports, also revealed that during the three months since the Brexit announcement, there were more new company start-ups in the UK than in either France or Germany.

Creditsafe, which also operates across Europe, analysed its country-wide company databases to assess whether the Brexit decision had had a noticeable effect on entrepreneurial spirit by comparing the number of post-referendum start-ups in the UK against the same period in 2015. The results revealed that there have been more than 2,000 new company start-ups in the three months since Brexit was announced than in the same period last year.

The research also compared the UK’s performance against that of the other two largest economies in Europe. The figures show that once again the UK leads the way, with 152,713 start-ups in the three months following the EU referendum, compared to 119,833 in France and just 11,599 in Germany.

Rachel Mainwaring, Operations Director at Creditsafe, commented: “Many predicted that the vote in favour of leaving the EU could well put a brake on the encouraging number of start-ups here in the UK, but our findings suggest that this does not seem to have been the case. We have a strong tradition in the UK of being an innovative and progressive nation and it’s encouraging to see that the Brexit vote does not appear to have shaken our sense of enterprise.

“With the falls in exchange rates and several recent surveys showing conflicting views on commercial and consumer confidence, it would have been easy to imagine that the UK business outlook would be worse than that in France or Germany. However, our research shows that a higher number of start-ups have been established in the UK than in either of our near neighbours when comparing the 100 days since the results of the referendum to the same period in 2015.”

Rachel added: “The emerging picture of a post-referendum economy is continuing to be shaped, but we are confident that the UK’s rich history of entrepreneurship will remain regardless of the outlook in the months to come now that the Prime Minister has set out a timeline for triggering Article 50.”