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08.07.09 | Startups Soar in Slump

Is there a positive side to the economic downturn for some? Gerry Rooney, Senior Partner at mosshaselhurst solicitors believes that an increasing number of those made redundant during this recession will be seizing the opportunity to set up businesses for themselves.

"In true entrepreneurial spirit, I think some people will try to turn a negative into a positive, in many cases using redundancy payments to finance business startups. The credit crisis is providing the catalyst for change. People with dreams of going it alone are taking advantage of their new found freedom and the opportunity it offers," Gerry explains.

Recent figures from Companies House support the suggestion. More than 21,000 people established new businesses last December, compared to 20,000 new start-ups in December 2007.

"Irrespective of the economic situation, the UK has always enjoyed high business startup rates," continues Gerry. "It is relatively straightforward to set up a business