The number of new businesses launched in 2008 increased from the previous year despite the recession, according to figures released by Barclays. 436,600 new start-ups were launched in 2008, compared to 432,300 new businesses in the previous year.

"These figures may seem surprising given the current economic climate," said Steve Cooper, local business managing director at Barclays.

"There could be a number of reasons for the robust start-up market, including individuals made redundant opting for self-employment. We should also remember that there are always opportunities, even in more challenging times."

A large reason for this growth in new businesses is entrepreneurial women - female-only starts ups increased by 9% to total more than 90,000 in 2008 up from 83,000 in 2007, compared to male-only start-ups which showed a slight increase of less than 1% to 300,000.