Page 116 - Minutes of meeting

The Resilience Challenge

Enterprise

The BankSearch service collects data from a group of banks. A business previously operated through a personal account, or
new to banking, that opens a first current account from a banking product range for small businesses is considered a ‘start-up’.
In Barrow, 217 start-ups are recorded between March 2019 and February 2020, which accounts for about 12% of start-ups

observed across Cumbria (1,877). The figure below shows that start-ups volumes vary substantially throughout the year in
Barrow and Cumbria. However, in the case of the latter, a more pronounced slump is observed during the winter months. New
Companies House incorporations reached 295 between March 2019 and February 2020, which represents about 14% of all
incorporations in Cumbria (2,167). Relative to start-up volumes, incorporations are less volatile across both locations.

Companies House Incorporations, March 2019 –
Business Start-ups, March 2019 – February 2020
February 2020

Note: Data excludes businesses without banking relationships, banking with Note: These figures do not necessarily reflect newly formed businesses, as
other institutions or operating through personal accounts. changes (eg. in business address, business name, merger) can result in a new
record.

Source: BankSearch Information Consultancy Ltd via Cumbria County Council