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Peer2Peer Finance News | December 13, 2017

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Entrepreneurs defy Brexit with 3,000 new business registrations

Entrepreneurs defy Brexit with 3,000 new business registrations
Kathryn Gaw

ENTREPRENEURS have registered 3,000 more businesses in the first six months of this year compared with the first six months of 2016, despite fears over a Brexit slump.

New research from MoneySuperMarket has found that there has been an increase in new small businesses since the EU referendum in June 2016, with the service and repair sector seeing the biggest increase.

Read more: Treasury plans new fund to support UK start-ups after Brexit

According to data from the price comparison website’s ‘small business insurance’ channel, there has been an 81 per cent increase in new service and repair businesses year on year, and a 60 per cent increase in furniture repair businesses.

Meanwhile, the IT sector saw an 18 per cent rise in new businesses, year on year. The leisure and tourism and eating and drinking sectors have grown by eight per cent and five per cent, respectively. And despite stuttering retail growth figures, the number of new high street businesses has increased by five per cent.

Read more: How has the P2P sector fared in the year since the Brexit vote?

“It’s very encouraging to see that the uncertainty surrounding Brexit has not deterred the nation’s entrepreneurs,” said Rose Howarth, head of small business insurance at MoneySuperMarket.

“Whatever the current economic climate, we are here to ensure small business owners are protected. [We have] a wealth of advice on how to safeguard yourself and your business – starting with making sure you have the right cover.”

However, not every sector received a boost in new business over the past year. There was bad news for the publishing sector and other creative industries. Publishing has fallen by 40 per cent since 2016, while small business launches in the art, fashion, photography and film sectors have decreased by four per cent, and marketing, advertising and design have dropped by five per cent.

Read more: Belfast poised to become post-Brexit fintech hub