This brings the number of companies operating in the UK to 5.47 million, with new businesses primarily operating in wholesale, retail and professional services as of June 2024. The UK has experienced a significant uplift in new businesses in recent years, with numbers growing from 173,000 in the first quarter of 2020 to 248,000 in the first quarter of 2024 – marking a 43.4% increase.

Across the UK regions, London led the way in the first half of 2024 with 161,000 new business incorporations, the highest across all regions. Scotland saw 21,700 new registrations, a 3.69% increase. Across the UK, only Wales and the South West saw a decline.

This coincides with new analysis by Beauhurst which shows that businesses on RBS’ free accelerator programme are more likely to generate higher turnover growth, raise more investment and have better survival rates than other similar businesses.

Businesses on RBS’ accelerator programme stand a greater chance of raising investment which rose by 70.5% on average over a three-year period, according to data published by the bank. Accelerator businesses also recorded turnover growth that was on average 35% higher than other similar businesses. And in an environment where just over half of start-ups typically survive the first three years in business, 9 out of 10 businesses on the NatWest accelerator were still trading three years later.

Paul Thwaite, Natwest Group and RBS CEO, said: “The UK’s potential for growth is made clear by the numbers of people now starting their own businesses.

“Small businesses are the lifeblood of our economy, accounting for three-fifths of employment and about half of the private sector’s turnover. If these new businesses are given the right conditions to succeed, they could significantly boost the UK economy.

“Across the UK, NatWest Group is helping more businesses get started than any other bank. We play a key role in giving start-ups the tools to scale and succeed – with data from our accelerator showing our support significantly boosts businesses’ turnover, investment and chances of survival.

“This September we are taking our commitment to small businesses up a level by over doubling the amount of free places on our Accelerator programme, to 2,500 businesses. We are creating the environment where businesses have the support, guidance and conditions they need to thrive – because when small businesses succeed, the UK succeeds.”

Business and trade secretary Jonathan Reynolds said: “Our mission is to bring economic growth and make the UK the best place to start-up and scale-up business. However, we can only achieve this by working in partnership with the private sector.

“That is why it’s good to see accelerator schemes like this play a positive role in giving businesses the boost they need to invest and grow, and it’s exciting to see these figures show signs of optimism for our start-up sector.”

One business given the RBS accelerator boost is marketing agency Mainbrace Marketing. Bryan Garvie set up the West of Scotland firm in 2023 and joined the Glasgow Accelerator at the beginning of 2024.

Mr Garvie said: “It’s hard to overstate the benefit I’ve taken from the Accelerator programme. When you’re a start-up and responsible for everything in the business, things can get very lonely. It’s massively helpful being around other people at different stages of business.

“There’s a real esprit de corps – everyone is very open about their own experiences and really generous with their time and advice. The coaching and accountability aspect is also brilliant, it’s definitely opened me up to new ways of tackling challenges I might not otherwise have considered.”

Henry Whorwood, managing director at Beauhurst, said: “Certain aspects of the economy are firing on all cylinders. UK entrepreneurs are still starting lots of new businesses. This may mark the beginning of a new normal with higher rates of entrepreneurship in the UK economy than known previously.”