By Maximilian Clarke
Some 20,000 more businesses ‘died’ in the UK between 2009 and 2010, at the same time that there were 1,000 fewer business ‘births’, the Office for National Statistics’ latest ‘business demography’ report shows.
In all, as many as 235,000 businesses were launched in 2010 whilst 297,000 failed- equating to a death rate of 12.9%; up from 11.8% in 2009.
As an industry, business admin and support had by a wide margin the highest death rate- with more than 1 in 5 collapsing each year. Firms in the health industry fared the best, with a death rate of just 5.2%.
Nationally, businesses in London are the most fragile, with 39% surviving 5 years- compared to 55% in Northern Ireland: though both figures correlate negatively with business births where the rate of new business launches in London far outstrips that of Northern Ireland.
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