650 small business have closed in York over the last year
7:21am 8th February 2011
The latest research has revealed that in York 650 local enterprises have died over a one year period; this means a significant amount of people have been made redundant or bankrupt in the city, not instilling much hope for the future of the 570 businesses that have been started up over the same time period.
Peter is the Chairman of Small Business for NatWest and RBS and is passionate about immediate and sustainable British business and the need for job creation in the current climate.
In the wake of Government spending cuts, a recovery led by businesses and employment growth still looks fragile. 1,732 people are made redundant in the UK every day and 839,000 people have been unemployed for longer than 12 months. For the first time in 10years, more businesses have closed than started.
Amidst the doom and gloom there could be light. The UK Franchise industry has shown itself to be virtually recession proof, performing well over the turbulent years, even increasing turnover to £11.8 billion. 94% of franchisors are optimistic about the future. This attractive sector is also helping to create more female entrepreneurs, recent years have seen an 86% increase in the number of women using franchising to take the leap into enterprise.
NatWest and RBS are investing £100 million into the franchise industry - which could finance around 1,800 new franchise businesses and provide up to 24,000 jobs. This aims to support economic growth by optimising on the resilience of the franchise industry to try to counteract the consequences of the severe decline in new business, and job losses nationwide.
Over 1,700 Brits are being made redundant daily whilst many are also facing bankruptcy. We are experiencing the highest reported business closures in over a decade and unemployment figures have risen to 2.5 million. The looming potential of a double dip recession is daunting to say the least, so today we are looking to the big banks to not only step up now but also show us the light and offer us advise us on what we can do to protect ourselves and our future as well as boost our economy. With the franchising industry proving the most resilient and accessible to us all, NatWest and RBS are encouraging the growth of this area to support job creation and economic growth.
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