Below is the text of Mr Major’s written Parliamentary Answer on Business Start-Ups on 26th January 1989.
Mr. Andrew Mitchell To ask the Chancellor of the Exchequer what has been the average weekly rate of business start-ups in net terms in 1988.
Mr. Major In 1987, the latest year for which figures have been published by the Department of Employment, the net increase in the number of businesses registered for VAT was 45,000 – an average of approaching 900 a week. Indications are that the rate of increase in 1988 is even faster. The number of VAT registrations and de-registrations processed by Customs and Excise during 1988 indicate a net increase of more than 1,200 a week. Department of Employment figures for 1988 will be available in the summer.