Member Article

Record number of April start ups for Newcastle

Last month was the best even April performance for new start up companies in Newcastle.

Over the course of April 2012, figures released by Duport.co.uk showed that 191 new companies were established in the city, an 18% increase on the previous record of 162, set in April 2010.

Commenting on the figures Duport.co.uk managing director Peter Valaitis said: “Newcastle upon Tyne is a prime example of the North-East’s commitment to innovation and entrepreneurship, so it’s no wonder that the city is breaking records.”

Despite these encouraging figures, there are still concerns over the economy as indicated by a recent statement from the region’s Shadow Monetary Policy Committee.

The Committee is a partnership between local business owners, representatives of industry, unions and business organisations, and meets before the Bank of England makes its monthly announcement regarding interest rate policy. During the May meeting, the committee discussed the effects of a possible interest rate rise on North-East businesses, with 11 of the 12 members in favour of the rate remaining at 0.5%.

Kevin Rowan, regional secretary of the Trades Union Congress said: “A couple of sectors - oil and gas and the automotive and offshore renewables manufacturing - are performing steadily in the North-East but there is still great concern in most other sectors as the construction sector is really struggling, retail and hospitality has flat levels of activity and the public sector is experiencing contraction,”

It is now hoped that these figures will boost confidence, as it is these new firms who can boost the economy and vitality of the city.

This was posted in Bdaily's Members' News section by Ruth Mitchell .