Produced by a team led by Professor Mark Hart of Aston University, in partnership with the bank, the UK version of the GEM report draws on data from over 10,000 individuals to provide the following comprehensive results.

•  68.8% of early-stage entrepreneurs are more likely to consider social implications than established businesses (55.5%) and they are also more likely to maximise their social impact (50.0% compared with 39.6%).
• The number of new businesses considering the environmental consequences of their decisions (68.7%) compared with established businesses (57.1%), although there’s no significant difference when it comes to taking action.
• UK female-to-male total early-stage entrepreneurial activity (TEA) ratio of 78% in 2022 is higher than in previous years.
• Youth entrepreneurship is strong, with those under 35 more likely to be involved in early-stage entrepreneurial activity than their older cohort.
• In a similar trend to previous years, the TEA rate for immigrant-led businesses was 13.7% compared with 8.7% for life-long residents.

One of the best-performing areas over the past year has been female entrepreneurs. As James Holian, Managing Director, Business Banking, says: “Findings reveal that the female-to-male early-stage entrepreneurial activity ratio was at its highest in 2022, a testament to female resilience in a time of flux, when fear of failure is slightly higher among women.”

Looking forward, there’s work to be done to encourage businesses to act on their environmental considerations. “Social impact is a bigger consideration for early-stage entrepreneurs than established businesses,” James adds.

With figures such as these pointing to further resilience in the UK’s entrepreneurial ecosystem, it is nonetheless a time when support is crucial.