Scheme launches 40,000 businesses

More than 40,000 people have stopped claiming benefits to run their own business following a Government scheme to offer help and financial support.

Employment Minister Esther McVey
Employment Minister Esther McVey

Ministers said the New Enterprise Allowance (NEA) had helped to create 40,240 businesses since it was launched in 2011 to give mentoring and money to people on Jobseeker's Allowance, lone parents or sickness benefit claimants who wanted to be their own boss.

Employment Minister Esther McVey said: "Small businesses are the heartbeat of the continuing success of the country, so it's great that tens of thousands of budding entrepreneurs have been helped to make their dreams of becoming their own boss a reality.

"As the economy continues to grow, this new enterprise generation may well go on to become the employers of the future, which is great for the individuals and their families, but it is also good news for the country as well.

"It's particularly welcome that so many women have started their own business through NEA. This shows the benefit of having an expert mentor, and I'd like to encourage more business experts, especially women, to sign up to help the next generation of entrepreneurs secure their future."

The new businesses include weight loss coaching, a vegan restaurant and a wedding service.