The failure rate of small business has dropped for the first time in two years. Business in the north east performed the best, with failures decreasing by 50per cent.
Typically businesses in the City of London also dropped by 22.9per cent.
Our view
When interest rates go up and the economy is volatile, the ability to control i.e. when you are smaller is easier.
Napoleon called us "a Nation of Shopkeepers", this is still true, we are a Nation of Entrepreneurs.