Text Only Version Last Update: Press Releases (10 July 2023)
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David Ruffley MP
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Ruffley’s House of Commons question reveals startling level of business start up failures
David Ruffley MP has today expressed his concern at the level of business start up failures in his Bury St Edmunds constituency and across Suffolk.
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David Ruffley’s latest parliamentary question to Margaret Hodge, Minister of State for Industry and the Regions, has revealed that over a quarter of all business start ups that began trading in the Bury St Edmunds constituency since 1997 ceased trading by 2004. Across Suffolk and the East of England the figure is even worse with 30 and 32 percent closing respectively.
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The figures are taken from VAT registrations and de-registrations which the Government regards as the best official guide to the pattern of business starts and closures.
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David said:
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“These new House of Commons figures make worrying reading; over a quarter of new businesses that started trading in my constituency since 1997 have subsequently closed.
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“Looking across Suffolk and the East of England the picture is even worse with 30 percent closing in Suffolk and 34 percent in the East of England.
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“This is a difficult time for small businesses who are suffering from an uncertain economic climate and are bogged down beneath piles of red tape.
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“A British Chamber of Commerce report earlier this year showed that the cost of regulations to businesses has topped £50 billion since Labour came to power. This Government has failed to deliver on deregulation and now we can see the cost of their inaction. They fail to realise that without small business our levels of employment and national wealth would be drastically diminished.”
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3 July 2023
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