New research from the Clydesdale and Yorkshire banks shows that an increasing number of older Brits are foregoing retirement and setting up a business instead.
The study found that more than 25% of small businesses in the UK were set up by recent retired people or those who had been made redundant. In fact in excess of one million “older-preneurs” have taken the opportunity to set up their own limited company after redundancy or retirement.
Clydesdale and Yorkshire Banks’ director of small business banking, Gary Lumby, said a lot of people realise that there’s more to life than being employed by someone else and it’s an added bonus if you can form a business from something you love doing.
Redundancy can be a difficult time but for some it acts as a spur to starting up on their own, he added.
In the second quarter of 2011, GDP grew by a mere 0.2%, compared to 0.5% in Q1. The Office for National Statistics blames one-off factors like the wedding of Prince William and Kate Middleton and warm April weather for this sluggish growth. However, George Osborne was quick to point out that the economy is still growing and creating jobs.
We’re also seeing a large increase in the number of new start-ups. According to Wilkins Kennedy, 396,000 new businesses have started up in the past year, compared to 362,000 last year and 330,000 in 2008/09.
Kevin Walmsley, a partner at the accountancy firm, said that opportunities are presented during each recession and despite the economic downturn, the UK has entrepreneurs who still have enough confidence in their business model to start up their own business.
© 2011 All rights reserved. Reproduction in whole or in part without permission is prohibited.
Image: Old man with a very long Santa Claus beard pilots a small boat in the Morro Bay estuary by mikebaird
