Today's business start-ups generate tomorrows business growth.
Small businesses are the bedrock of our economy, accounting for nearly half of the UK's output. At a time of change, it has never been more important to measure today's business start-ups.
Working in partnership with the British Bankers Association, BankSearch collects data on start-ups from the main high street banks and provides comprehensive and timely data on company formations from across the country.
The monthly data includes information about start-ups geographic location, industrial classification and the firms legal status.
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Until now there has not been an accurate, comprehensive or timely source of business start up data in the UK.
Companies House publish high level, monthly data about the number of companies. However, registered companies account for around 20% of new starts.
Custom and Excise monitor VAT registrations. However, only 30-50% of starts are VAT registered.
Other service providers use their own records. However, these are incomplete and not timely.
All start-ups have one thing in common, they all open a bank account. By collecting start-up data directly from banks the BankSearch database provides the most complete information on business start-ups in the UK.
Why is the data important?
Understanding the changing number of business start-ups is important to a range of different groups:
Government and EU want to make sure that their policies are well directed with priorities focusing on innovation, taxation, skills, migration, planning and transport.
Local Authorities, Business Link and Chambers of Commerce can verify that they are delivering well targeted support.
National Statistics can use the data as a measure of UK economic activity.
Bank's want to ensure that their segmented product offerings are attractive and meet the needs of their customers.
What users say
"The Chief Economist Unit has been using the BankSearch data since December 2009, and has found it invaluable in tracking business start-ups during the recession, and adding additional value to existing data sets on new business starts. It has been especially useful in understanding the number of new ‘not for profit’ businesses as well as sole traders, and in tracking new business starts in deprived/non-deprived and urban/rural areas. It is currently being utilised in briefings to Yorkshire Forward’s Board, government and MPs, as well as supporting the delivery of enterprise support through Business Link."
Victoria Gell, Chief Economist Unit Manager, Yorkshire Forward
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