Record high number of new businesses

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New figures just out show that last year, more new companies were registered in Cornwall than in the previous 12 months.

In terms of new businesses, 2,468 were registered in the Duchy compared to 2,392 in 2015.

The number of registered companies in Cornwall now totals 19,655, up from 18,859 at the end of 2015, which equates to 4.2% growth.

The statistics come from the Inform Direct Review of UK Company Formations, using data from Companies House and the Office of National Statistics.

Inform Direct Infographic – Company formations in Cornwall 2016

John Korchak, director of operations at Inform Direct said: “These figures underline the positive entrepreneurial culture that fosters new company formations and drives economic growth. So far, at least, we’re not seeing evidence that the Brexit vote has dented confidence among those considering starting up in business.

“Cornwall again delivered an impressive number of new companies in 2016, demonstrating that it offers a fertile environment for new businesses to spring up and prosper.”

Across the UK as a whole, there were a record-breaking 664,720 companies formed – up from 612,565 in 2015. The number of UK companies now stands at 3,962,909.

Of the 601,418 formations in England, 209,869 were in London. 35,502 companies were formed in Scotland, 15,795 in Wales and 7,389 in Northern Ireland.