The number of new businesses starting up in Yorkshire and The Humber has decreased while the number of closures has also fallen, according to the latest Office for National Statistics data. The Institute of Directors warns this declining trend is 'concerning' and urges the government to ease financial and recruitment pressures on businesses.
Latest Office for National Statistics data indicates that 4,690 new businesses were established in Yorkshire and The Humber in the three months leading up to December. This is a decrease from the 5,095 businesses created during the same period the previous year.
The most substantial decreases were observed in the transport and storage industry, followed by the business administration and support service industry. Anna Leach, the chief economist at the Institute of Directors, has expressed concern over the decrease in new businesses and urged the Government to ease financial and recruitment strains on companies. Ms Leach attributed a rapid decline in business confidence, an increase in the minimum wage, and changes to employment law as factors that "seem to have cooled business dynamism in the UK".
If you don’t like our community, you can leave any time. We also treat members to special offers, promotions, and adverts from us and our partners. Read our privacy notice here. Pranesh Narayanan, a research fellow at the Institute for Public Policy Research, stated that both the birth and death rates of businesses need to increase to support economic growth. Mr Narayanan said: "Struggling public services and historically low levels of investment are holding businesses back.
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