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According to Barclays' quarterly Start-ups and Closures report,
465,000 new companies were set up in 2003, the highest level
since the bank's first report in 1988. The figure was also a
20% improvement on 2002 when 391,000 new start-ups were created.
Business owners were encouraged by "benign economic conditions
and a strengthening of entrepreneurial spirit," the report
said.
The leisure industry showed the strongest rate of growth rising
by 48% suggesting that many entrepreneurs are exploiting the
UK's health craze and setting up their own sports clubs and personal
training businesses. Motor trades were also popular with a 43%
increase.
But there was bad news for the UK's hospitality industry.
The hotels and catering sector performed the worst with a 28%
drop in start-ups.
Regionally, the entrepreneurial spirit was strongest in south
west England and London which both recorded an average of 18
new businesses per 1000 people followed closely by the South
East with an average of 16 new firms.
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