Number of start-ups on the wane

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The number of start-up businesses in the UK has declined in the last five years, new figures have revealed.

According to Lloyds Bank, the number of new ventures being created fell by 19 per cent between November 2011 and November 2016.

The decline was particularly apparent in Wales, which saw a 24 per cent drop in start-up numbers during this period - more than in any other part of the UK.

By contrast, the number of new business openings fell by just three per cent in Scotland between 2011 and 2016.

England, meanwhile, saw a 20 per cent decline, which works out to nearly 100,000 fewer start-ups being created last year when compared with 2011.

Jo Harris, managing director of retail business banking at Lloyds Bank, believes the downward trend could reflect the uncertain economic environment.

Nevertheless, she said there are "significant opportunities" on offer to those who have the "determination and drive" to set up their own business.

"The new year is a time when people aim to make a fresh start," Ms Harris commented.

"There’s no bigger or braver change you can make than starting your own business."