The belief that the recession is the perfect time to start a business seems to be ringing true with entrepreneurs in the UK. Ninety eight thousand new businesses were launched in the first quarter of 2008 in England and Wales, despite the ongoing economic crisis. In London, 19,000 startups were created in January to March of last year, which was up by 1000 on 2007.
John Smith, Marketing Director for Small Businesses at Barclays observed: “Small business entrepreneurs are still finding unique opportunities in the marketplace. Clearly there is the belief that there is never a bad time to start a good business.”
Of all the new businesses that had been launched, the most popular industries were business and financial services, retail and construction.