Browsing: UKBusiness

The United Kingdom faces a stark economic challenge as the Office for National Statistics reports a record low in new business creation during the last quarter of 2024, with only 65,450 new enterprises registered. This 8.5% drop from the previous year marks the lowest figures since 2017 and spans almost all major sectors, raising concerns about the nation’s economic growth and innovation trajectory. Despite having a record number of active businesses, the decline in entrepreneurial activity signals potential economic hurdles. Economists and policymakers highlight the need for tax relief and regulatory reforms to reignite the entrepreneurial spirit, as the government outlines initiatives like the “Plan for Change” to support struggling entrepreneurs. Immediate intervention is crucial to revitalize business creation and ensure the UK’s sustained economic progress.