Fewer businesses were created in Buckinghamshire last year than any year since records began, new data has shown. 

Figures from the Office for National Statistics show that around 3,035 new businesses opened in the county in 2023. 

This was a drop from 3,075 the previous year and the lowest figure since records began in 2018. 

Last year 3,055 businesses closed in the area, down from 3,600 in 2022 meaning that the total number of businesses fell slightly in 2023. 

It comes as the UK's business birth rate fell to its lowest level since 2010 with the Institute of Directors blaming a poor economic environment and skills shortages. 

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Across the county, the rate of new businesses opening was 11 per cent in 2023, though only 10.8 per cent of businesses closed. 

As a result, business openings overtook closures again after 2022 became the first year in more than a decade to see more businesses close than open. 

There were about 13,750 such businesses nationally in 2023, an increase from 11,480 a year earlier whilst the South East had 2,035 high-growth businesses, comprising 4.9 per cent of companies in the area.

The transport and storage sector industry had both the highest business birth rate (14.5 per cent) and the highest rate of closures (21.6 per cent).

Finance and insurance saw the lowest proportion of new businesses (6.4 per cent) while the health sector had the best survival rate, with just 6.5 per cent of firms going under.

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Anna Leach, chief economist at the Institute of Directors, blamed poor financial conditions after the pandemic, a “relatively weak” growth environment and skill shortages.

“Recent budget decisions unfortunately undermine the UK’s business environment, disincentivising employment and reducing investment through the impact of higher taxes on business costs,” she added.

“Meanwhile, higher public spending is expected to raise the cost of finance in the UK.

“If the government wants to get higher growth, it’ll need a vibrant business sector to deliver it.”

Pranesh Narayanan, a research fellow at the IPPR, welcomed the recovery in the number of high-growth businesses, leading to more jobs in dynamic and growing companies and a stronger economy overall.

However, Mr Narayanan warned they will be competing with larger, established firms.

He urged the Government to ensure the Competition and Markets Authority has the backing it needs to stop larger businesses from “throwing their weight around to stifle competition”.