Sunday 12 June 2016 5:41 pm

EU referendum: No EU referendum slowdown for startups, according to research from StartUp Britain

More than 90,000 new businesses were formed in Greater London in the first five months of 2016 despite the growing uncertainty caused by the impending EU referendum, new research has found.

Figures from StartUp Britain found that despite the uncertain economic climate, new business formations in the UK are increasing, with the total for 2016 set to exceed last year's record breaking 608,110.

Matt Smith, director of StartUpBritain, said: "It is fantastic that the number of new start-ups founded this year looks so robust, in London and across the UK.

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"Entrepreneurship is a personal endeavour by people who are passionate about turning ideas into action, so it is unsurprising that business formation levels continue to rise despite any future uncertainties."

Some 91,618 startups having formed so far in 2016, equivalent to one in three new startups across the whole of the UK in the period.

A breakdown by borough shows that 2,761 firms were started up in Tower Hamlets, 2,685 in Southwark, 2,956 in Newham, 4,464 in Islington, 8,057 in Hackney, 8,934 in Camden and 9,329 in Westminster, the borough with the highest number of new formations.

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The data release coincided with the launch of StartUp Britain's bus tour, which aims to provide inspiration to entrepreneurs across the country.

It also comes amid growing concern that uncertainty caused by the EU referendum, as well as what lies after it, has caused business investment, as well as mergers and acquisitions activity, to slow.