The number of London businesses breaks through the one million barrier

Oliver Gill
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London's Economic Boom Continues
Boom boom business: the number of London firms is growing (Source: Getty)

There has been a surge in the number of new businesses in the capital over the last four years according to the government.

The department for business, energy and industrial strategy (BEIS) revealed that there was startling 41 per cent more businesses in London at the start of the year compared to four years earlier and that there was more than a million operating in the capital. That's one and a half businesses for every ten adult Londoners.

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Also revealed was that across the UK there were 5.5m businesses, growth of 23 per cent since 2010, with over one million small businesses created across the UK alone.

Business and energy secretary Greg Clark called Britain's businesses the "heroes of our economic revival" and said: “Our job creators don’t always get the praise and respect they deserve but we should be proud of our entrepreneurs, business leaders and innovators. The government is committed to ensuring Britain builds on its success and is the best place to start and grow a business.”

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Almost 99 per cent of businesses in the UK are small and medium-sized firms and small business minister Margot James unveiled a new consultation on how the the small business commissioner operates and handles complaints.

“There are a million more small businesses now than in 2010 and it’s important to recognise the great contribution they make to local communities and the national economy. This government wants enterprise to thrive," said James.

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