Cornwall bucking the trend

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Figures just published show that more new businesses were established in Cornwall during 2017 than in any previous year – in contrast to the national trend which saw an overall reduction in new company formations.

In terms of new companies, 2,665 were registered in the Duchy compared to 2,468 in 2016.

This brings the total number of registered companies in Cornwall to 20,746, up from 19,655 at the end of 2016, which equates to 5.6% growth.

The statistics come from the Inform Direct Review of UK Company Formations, using data from Companies House and the Office for National Statistics.

John Korchak, director of operations at Inform Direct, said: “These record figures for new company formations during 2017 show that Cornwall continues to be a particularly fertile ground for entrepreneurs and new business ventures.

“The results buck the national trend which saw an overall reduction in the number of new company formations compared to 2016. This slowdown could be attributed, at least in part, to ongoing political uncertainty and concern in the business community over the impact of Brexit.”

Across the UK as a whole, there was a reduction in the number of new company formations – 634,116 compared with 664,720 in 2016.

However the number of registered companies in the UK continued to grow, passing the 4,000,000 milestone during 2017 and finishing the year with a total of 4,120,349.

Of the 569,585 formations in England, 205,527 were in London. 34,002 companies were formed in Scotland, 17,408 in Wales and 7,398 in Northern Ireland.

 

Inform Direct Infographic – Company formations in Cornwall 2017

1 COMMENT

  1. The numbers of Self Employed in Cornwall has risen from 50,000 in 2012 to 71,500 in 2016. Is this all down to entrepreneurial spirit? I wonder what percentage is driven by needs must?

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