UK remains in the throes of a ‘start-up revolution’

Business in Britain is booming with the nation being fully entrenched in a what’s been hailed as a ‘start-up revolution.’

In 2016, almost 660,000 companies were established in the UK, a significant increase from 2015, when the figure stood at 608,000.

The burgeoning start-up trend continued in 2018, when more than 216,000 new businesses were registered in the Greater London area alone, a 6.45% increase on 2017.

Across the whole country, the number of new companies registered in 2018 increased by 5.7% to more than 660,000, reaching record start-up figures.

In response to the record number of businesses registering in Britain last year, Matt Smith, director of the Centre for Entrepreneurs (CFE), said:

“It is encouraging to see formation numbers recover and hit a new high. These figures demonstrate the resilience and confidence of entrepreneurs across the country, confirmed by the strengthening of London as Europe’s leading start-up hub.”

Government-sponsored business initiatives

Britain’s positive start-up environment has been pinned on the government-sponsored initiatives that have been introduced in the UK following the financial crisis of 2010, designed to encourage people to set up their own business.

One such initiative is the government-backed StartUp Britain, a campaign by entrepreneurs, for entrepreneurs that offers inspiration, resources and guidance to help people start and grow their own business.

Importance of commercial insurance

The escalating number of businesses being set up in the UK highlights the importance for enterprises of all sizes and industries, to have adequate insurance in place.

For anyone setting up a new business venture, it is important they have taken out the right insurance to protect the business, the business owner, employees, customers, property, inventory and more, should unforeseen events happen to the business.

Nelson Policies at Lloyd’s’ underwriters specialise in providing bespoke, tailored solutions for both standard and non-standard commercial combined business that can be tailored to a start-up’s specific requirements.

Contact our commercial team to find out more about our bespoke commercial insurance to cater for the wealth of start-ups ‘setting up shop’ in the UK.  

Back to Blog

Other news