Optimism for start-ups

According to new research, almost 90 per cent of start-ups in the UK are forecasting strong growth next year despite a general lack of confidence and business uncertainty about the effects of Brexit.

The Government-backed Start Up Loans Company found that almost half the businesses they surveyed expect double-digit growth, while a quarter believe they will increase sales by more than 25 per cent.

A spokesman for the loans company said that the findings underline the resilience of the start-ups community despite the challenges they face. He added that there is also help for new businesses from mentoring schemes to businesses advice, so start-ups should be able to get all the support they need to survive and thrive.

Meanwhile, earlier this month, Chancellor Philip Hammond announced that the Government would increase start-up funding ahead of Brexit so that new firms would not suffer from lack of funding when the UK leaves the EU.

The UK certainly does not lack the spirit of entrepreneurship, with separate research showing that more tech start-ups went public or were acquired last year than in any other country except the US. In fact, British tech firms raised more than £6.7bn in investment last year, more than the rest of Europe combined.

In addition, the UK is the only G8 economy with a Tech Nation Visa, meaning it is possible for start-ups in this arena to recruit the best tech talent from across the globe.

As part of the Government’s support for the start-up and small business community, a business group has been set up by Brexit Secretary David Davis, and business industry minister Greg Clark, to provide reassurance to them that the concerns and interests of this cohort will be listened to and explored as Brexit negotiations take place.