By Marcus Leach

New official figures from Companies House show that over half a million new companies have been created under the Coalition Government.

The figures also show that there has been an 11 per cent increase in the number of new companies created over the past year.

Companies House statistics show that 506,000 new companies were incorporated between 16 May 2010 and 31 July 2011. The figures also show that 416,000 new companies have been incorporated over the year to July 2011 - an 11 per cent increase on the year before.

"Helping the private sector create jobs and economic growth is the top priority of this Government - that's why we're cutting business taxes, supporting start-ups and tackling red tape," Business minister Mark Prisk said.

"It's been a tough few months but it's positive news that over half a million new businesses have been created since the Coalition entered office. Up and down the country entrepreneurs are turning their great ideas into the next generation of successful, innovative British firms."

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