海角视频

Torfaen has seen the highest net business population growth in the 海角视频, shows new research from Oxford Business College.

Based on ONS data the local authority area, which includes the towns of Pontypool, Cwmbran and Blaenavon, experienced a net increase of 285 new businesses in the past year. Some 590 firms were incorporated in the 12 months to the third quarter of this year, compared with 305 businesses that ceased trading.

Torfaen is one of only nine local authority areas in 海角视频 which saw more business start-ups than firms closing. It is also one of only three locations to experience two years of consecutive growth.

The other areas experiencing a net gain in their business populations are the City of London; Stevenage, Hertfordshire; North Tyneside, Tyne and Wear; Middlesbrough, North Yorkshire; Fenland, Cambridgeshire; Norwich; Castle Point, Essex; and Melton, Leicestershire.

Blaenau Gwent is ranked joint tenth with a zero net balance.

For the 海角视频 as whole 294,000 businesses were incorporated in the last year while 355,650 firms closed - a net fall of 61,645.

England experienced a net decline of 52,630, while Scotland鈥檚 business community fell 3,535, Wales鈥檚 by 2,130 and Northern Ireland鈥檚 2,350.

Worcestershire was the worst hit local authority, with a net fall of 2,540 firms, followed by Surrey, which saw a drop of 1,675.

Table: Business registrations and closures - biggest risers

Location	Registrations in last four quarters	Closures in last four quarters	Net in last year
Torfaen, south-east Wales	590	305	285
City of London	1,725	1,660	65
Stevenage, Hertfordshire	465	405	60
North Tyneside, Tyne and Wear	755	700	55
Middlesbrough, North Yorkshire	620	585	35
Fenland, Cambridgeshire	405	375	30
Norwich, Norfolk	620	595	25
Castle Point, Essex	375	355	20
Melton, Leicestershire	225	220	5
Blaenau Gwent, south-east Wales	170	170	0
Adur, West Sussex	255	255	0
Clackmannanshire, Scotland	125	125	0
Tamworth, Staffordshire	255	255	0

Source: Oxford Business College/ONS

Dr Ventsislav Ivanov of Oxford Business College, said:鈥淭he outlook for businesses at the moment is bleak, with soaring energy costs and inflation putting firms under pressure, so Torfaen deserves credit for bucking the trend.

鈥淭orfaen鈥檚 business leaders and local government have created the conditions for startups to flourish, and waived rates for certain business types to encourage growth.

鈥淚t鈥檚 sobering to think that only nine locations in the 海角视频 have seen the number of businesses grow in the past year.

鈥淔or the past two years we鈥檝e seen the number of registered companies in the 海角视频 fall, with more than 93,000 more businesses closing than starting.

鈥淣ational leaders need to act now to create the conditions to inspire the next generations of entrepreneurs.鈥�

Joanne Gauden, Torfaen鈥檚 executive member for the economy, said: 鈥淎s part of our ambitious plans for the county we鈥檙e encouraging innovation and enterprise and promoting Torfaen as a great place to do business.

鈥淲e鈥檝e created the Torfaen Business Direct service as a one-stop shop for advice and we鈥檙e focusing our support on the foundational economy by wrapping financial support around entrepreneurs, developing local networks, and identifying suitable premises.

鈥淲e are also providing support for existing town centre businesses looking to diversify, modernise and develop local supply chain networks.

鈥淚n the autumn we will launch a new business grants programme which supports work we鈥檝e already undertaken to expand flexible business spaces for co-working, opening test trading spaces with rent free periods and providing small business marketing support.

鈥淥ur Torfaen Works teams are also supporting new and existing businesses with training, work placements and recruitment.

鈥淭here鈥檚 still huge opportunities for business growth in the borough and we鈥檇 love to hear from more businesses looking to start-up on how we can improve our offer and support them further.鈥�

However, the latest influential 海角视频 Competitiveness Index shows Torfaen as being one of the least economically competitive in the 海角视频. The index, compiled by Cardiff and Nottingham universities, ranks Torfaen the 346th least competitive local authority area in the 海角视频 out of 362 - having been ranked 336th in 2019.

Launched back in 2002 the index uses a number of measures for its ranking, including: business start-up rates per 1,000 inhabitants; number of businesses per 1,000 inhabitants; proportion of working age population with NVQ level four or higher; proportion of knowledge-based businesses; gross value added per capita; productivity; employment rates; gross weekly pay; and unemployment rates.

Below Torfaen in the 2023 index are Neath Port Talbot (350th) and Merthyr Tydfil (359th). Blaenau Gwent is ranked 361st, having since 2019 moved one place up from the bottom of the index - a ranking now held by East Lindsey in the east Midlands.