Cost of living crisis is catalyst for more Peterborough people to start up their own business

Number of new start ups rose by eight per cent
Paul Grinnell
By Paul Grinnell
Published 10th Mar 2023, 15:56 BST
Updated 10th Mar 2023, 16:12 BST
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​The cost of living crisis and the Covid-19 pandemic have spurred a greater number of Peterborough people to start up their own business, according to a new survey.​

New figures show that 3,140 businesses were started from scratch in the city last year – an increase of 8.3 per cent on 2021.

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The most popular types of businesses started were freight transport services, retail enterprises and real estate.

A new survey shows that Peterborough has a thriving entrepreneurial spirt with a more than eight per cent growth in business start ups last year compared to 2021.A new survey shows that Peterborough has a thriving entrepreneurial spirt with a more than eight per cent growth in business start ups last year compared to 2021.
A new survey shows that Peterborough has a thriving entrepreneurial spirt with a more than eight per cent growth in business start ups last year compared to 2021.

The rise has been attributed to a growing number of people needing an extra income as inflation drives up the cost of food, energy and household goods.

The survey also discovered that July was the most popular month for starting a business followed by April and October.

The statistics have been compiled by the global office advisory service Instant Offices which analysed Companies House data and population figures to give UK cities a ‘Entrepreneurial Index’.

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The increase in start up businesses in Peterborough is mirrored across the country with 631,029 new businesses launched countrywide in the first nine months of last year – up 15 per cent over the same period in 2021.

The highest proportion of new business owners are aged 31 to 40. Some 67 per cent of businesses were registered by men, against 27 per cent by women and six per cent unknown.

A spokesman for Instant Offices said: “Early-stage entrepreneurship has been steadily growing since the pandemic, with economic recovery seeing more people starting new business ventures to combat uncertainty and become their own boss, create jobs and follow lifelong dreams.

He added: “The latest cost of living crisis has also become a catalyst for entrepreneurship, with more people looking to supplement their income with a new venture or side hustle.

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"Research shows a third of UK adults are planning to start a business in 2023.”

Vic Annells, chief executive of Cambridgeshire Chambers of Commerce, said: “Peterborough does have all the ingredients that make for an enterprising city.”

"It has lots of people from a wide range of backgrounds which is always conducive to a healthy enterprising spirit.”

Related topics:PeterboroughCovid-19