Call for new government to support East Midlands entrepreneurs as start-ups slump

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The steep drop in the number of new businesses set up in the East Midlands has continued into a second month, with significant numbers of local entrepreneurs holding back while the political landscape remains uncertain.

This is according to the Midlands branch of national insolvency and restructuring trade body R3 and is based on a monthly analysis of regional start-up data from business intelligence provider Creditsafe.

R3’s figures show there were 2,141 businesses set up in the East Midlands in June, which is a substantial 40.51% decrease compared to the 3,599 new businesses registered in April, prior to the announcement of the General Election. The May figure for the region was similarly low, with only 2,076 start-ups during the month.

These statistics sit within a volatile economic backdrop while the local economy waits for the dust to settle on the new government. There remains a high number of East Midlands companies with late payments on their books – 23,736 in June – and also a growing quantity of debts owed by liquidated firms in the region.

R3 Midlands Chair Stephen Rome, a partner at local law firm Penningtons Manches Cooper, said: “It’s apparent that entrepreneurs have, understandably, taken a cautious approach

 link source - East Midlands Business Link General https://www.eastmidlandsbusinesslink.co.uk/mag/wp-content/uploads/2023/12/thumbnail_R3-Midlands-Chair-Stephen-Rome-2.jpg

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