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PRIVACY
Economic Development

Number of businesses in the East Midlands grew last year, despite continuing Brexit uncertainty

But it could be threatened by the consequences of a no-deal Brexit

(Image: Jack Taylor/Getty Images)

Experts have warned an unexpected rise in the number of businesses in the East Midlands could be put in jeopardy by a chaotic no-deal Brexit.

New figures showed a rise of 1.0% from 178,745 businesses across the region in 2018 to 180,450 as of March 2019.

The number had previously increased from 177,385 in 2017.

The data was published by the Office for National Statistics.

It counts all businesses registered with HM Revenue and Customs (HMRC) for Value Added Tax (VAT) and Pay As You Earn (PAYE).

Businesses have to register for VAT if their turnover is above £85,000. Registration is voluntary for businesses with smaller turnovers.

Wellingborough saw the biggest increase in the region with 43.4% more businesses, followed by Corby (19.9%) and Bolsover (19.9%).

The figures show that across the East Midlands, 25,585 businesses are in the professional, scientific and technical sector.