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The East Midlands recorded the second-highest regional increase in registered businesses in England and Wales in 2019-20.

Statistics released by the Office of National Statistics in September show that between March 2019 and March 2020, the number of businesses increased by two per cent.

This is double the rate of growth between 2018 and 2019.

Only the West Midlands saw a bigger growth of registered businesses, with the East Midlands closed followed by Yorkshire and the Humber.

Paul Stuart, head of enterprise at the East Midlands Chamber of Commerce, attributed the growth to people’s economic security.

He said: “Obviously from our point of view, there has always been significant support for start-up businesses from the chamber.

“But also people now feel comfortable in their financial positions and feel prepared to take the risk.”

The increase in annual growth is significant given that the East Midlands recorded the second-lowest growth rate in the country in the previous year.

London only ranked fourth on the list with a growth of just under two per cent, with the East and Wales the only regions to see a decrease in number of registered businesses.

Mr Stuart said that there has been a noticeable change in the type of start-ups approaching the Chamber for help.

These have been seen particularly in the well-being industry, which Mr Stuart, 59, said defied previous expectations.

He added: “About three or four years ago, people were saying the next growth sector would be wellbeing and everyone sort of giggled a bit.

“But it turns out it is about mental and physical wellbeing and exercise – and this was all pre COVID.

“It’s about lifestyle and people think there’s a better way to live and that’s what they want their business passion to be about, whether its yoga or life coaching.”

The Chamber added that start-up creation had spiked June and July 2020, but activity slowed during the second national lockdown in November.

It is unknown whether the East Midlands will continue such impressive since the coronavirus outbreak in the United Kingdom.

The ONS is yet to release statistics since the pandemic began.