§ Mr. Jim CunninghamTo ask the President of the Board of Trade how many new businesses were formed in(a) Coventry, (b) the West Midlands and (c) the United 377W Kingdom by people aged 18 to 24 years in the five years up to 1997; and how many of those failed in their first 12 months. [48526]
§ Mrs. RocheThe table shows the number of businesses registering for VAT each year 1992 to 1996, and the per cent. still trading 12 months later each year 1992 to 1995, the latest estimates available.
Many of the smallest new businesses do not register for VAT. The percentage still trading 12 months later is not available for Coventry and could be provided only at disproportionate cost. The age of business owners is not recorded on the VAT Register.
Number of VAT registrations and per cent. still trading after 12 months, 1992–96 Coventry West Midlands UK Businesses registering for VAT 1992 690 15,839 187,000 1993 668 15,583 191,000 19941 570 13,665 168,240 1995 575 13,290 163,960 1996 555 13,295 168,200 Per cent. still trading after 12 months 1992 2— 82.8 83.4 1993 2— 82.6 83.6 1994 2— 83.4 84.6 1995 2— 85.0 87.3 1996 2— 2— 2— 1A large increase in the VAT registration threshold in 1993 reduced the level of registrations from 1994 onwards 2not available Source:
DTI SME Statistics Unit