Surge in new companies

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Post-lockdown surge in new companies The Sunday Express reports that 75,000 new companies were formed in June, a rise of almost 25,000 on the same month last year. In the first seven days of August, 21,000 new companies were formed, which is equal to an annual rate of almost a million. Clive Rich, the chief executive of LawBite, an online platform which connects SMEs with affordable expert lawyers, said: "Even in the height of COVID-19, 80% of our inquiries were about SMEs wanting to get on and move their business forward. I think small businesses are more resilient than forecasters give them credit for." He added: "I expected a surge after Covid as a lot of people finding themselves out of a company job can say to themselves this is the perfect opportunity to do something for myself, be my own boss and balance my work-life better, knowing they can now do it all remotely. Even the SMEs that have struggled in Covid may want to have another go with another venture."

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