Business and Venture Creation in the UK 2024 Report

This report presents an analysis of business and venture creation in the UK for the year 2024. It details the number of new business incorporations, which totaled 846,000, reflecting a decline of 3.75% from the previous year's high of 879,000. Despite this decrease, the total number of active companies in the UK reached a record high of 5.63 million, marking a 3.11% increase compared to 2023. The report outlines trends in incorporation activity, noting that the first quarter of 2024 saw the highest number of company formations in five years, with 248,000 new companies. However, this was followed by a significant drop in the fourth quarter, which saw only 184,000 new incorporations. The report also provides a regional analysis, highlighting that London led in new business formations, while Northern Ireland experienced notable growth. Additionally, it discusses gender distribution among directors of newly incorporated companies, indicating ongoing disparities but also some progress towards more balanced representation.