Business birth-rate in Wales remains below UK average
The number of new businesses in Wales grew very slightly in 2014, with 11,345 new start-ups. The business birth rate in Wales, however, remained lower than the UK average at 12.3%, compared to 13.7%.
Shadow Economy Minister, William Graham AM, said the promising number of business start-ups showed “growing confidence” in prospects for economic growth.
Cardiff saw the largest number of businesses births and deaths in 2014 with 1,835 births and 1,105 death. Blaenau Gwent, meanwhile, was the lowest with just 170 births and 140 deaths.
“It’s great to see growing confidence in the economic recovery. The Conservative Government’s rescue job may be complete, but now it’s time to move into the rebuilding stage.
“We want to see Wales benefiting from the sustainable economic growth that we are starting to witness across the UK, and that’s why we’re urging Labour’s Minister to work collaboratively with the UK Government.
“Businesses in Wales are still starting at a substantially faster rate than they are closing, which reflects greater certainty and optimism around the wider economic outlook.
“That said, the start-up rate in Wales remains significantly lower than the UK average, and it is vital that the Welsh Government delivers a fair and effective package for small businesses to increase their longevity.
“Ultimately, the Welsh Labour Government has to ensure that it is making best use of the economic levers at its disposal.”
Mr Graham also urged people to support their local small businesses ahead of ‘Small Business Saturday’ on the 5th December.
“Small Business Saturday is an excellent campaign which highlights the work of small enterprises in Wales.
“Napoleon once described the UK as a nation of shopkeepers, and that’s certainly true in Wales where small businesses make a huge contribution to the economy.
“If you get the chance next weekend, please do take the time to visit your local high street and offer your support!”