UK Businesses Being Set Up at Record Rate, Register Says

Businesses are being set up in the UK at a record rate, according to the government’s register of national corporate activity, as criminals attempting Covid-related fraud establish companies alongside entrepreneurs creating new ventures, the Financial Times reported. Senior bankers have raised concerns that criminals have formed companies to take out lightly checked government-backed loans. The National Audit Office this month warned that tens of billions could be lost through fraud and defaults. “Since the start of the Covid pandemic, we initially saw a drop but we are now running at a record level of new incorporations for the last two months,” said Louise Smyth, chief executive of Companies House, the register of businesses. Read more