Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what estimate he has made of the average start up costs incurred by first-time business founders in the UK.

The United Kingdom is one of the best places to start a business, boasting one of the highest business start-up rates in the OECD – 18.6 start-ups per 1,000 people in 2022. This compares to an average of 4.5 start-ups per 1,000 people across OECD members.

The British Business Bank supports UK startups through its Start Up Loans scheme, offering fixed interest loans up to £25,000 per business owner.

The British Business bank has published guidance which outlines the typical costs that a UK startup may face. This is available at https://www.startuploans.co.uk/support-and-guidance/business-guidance/finance/what-does-it-cost-to-start-a-business-in-the-uk