Entrepreneurial activity in the UK has surged to a record level, with 36 percent of working-age adults either running a new business or planning to start one within three years, according to the latest Global Entrepreneurship Monitor UK report. Produced by Warwick Business School in partnership with NatWest, the 2024 study marks the highest rate since the survey began in 1999. The upswing is being powered by a sharp rise in women launching ventures, with early-stage entrepreneurial activity among women tripling since 2002, from just over 3.5 percent to 10 percent this year. Immigrants and ethnic minorities remain the most entrepreneurial groups, with early-stage activity reaching 19.1 percent among the non-white population, compared with 10.4 percent among the white population.
The report highlights this momentum despite a difficult macro environment, including geopolitical uncertainty, a cost-of-living crisis, and slow economic growth. Founders’ resilience is described as both inspiring and essential to the country’s economic stability. Looking ahead, the study identifies the rapid uptake of Artificial Intelligence as a defining driver for start-ups. Twenty-nine percent of early-stage entrepreneurs already view Artificial Intelligence as very important to daily operations, and 72 percent believe it will be somewhat or very important to their business within the next three years. Confidence is especially strong among entrepreneurs aiming for growth and job creation, who see Artificial Intelligence as a key tool for innovation and scaling.
Persistent barriers threaten to slow progress. Respondents cited difficult access to finance, insufficient government business support policies, and gaps in physical infrastructure as significant obstacles. Mark Hart, professor of entrepreneurship and enterprise policy at Warwick Business School, welcomed the UK government’s plan for small and medium-sized enterprises published in July 2025, noting its focus on late payments, leadership skills, innovation, digital transformation, and a sustainable path to net zero. “Implementation will be key,” he said, adding that the goal should be turning the UK’s strong record in start-up creation into longer-term success.
Echoing the call for action, Darren Pirie, head of NatWest Accelerator, said the findings should spur efforts to ensure every entrepreneur has the tools, confidence, and support to succeed. The results are based on a survey of 8,229 UK adults aged 18 to 80, conducted in 2024.
