The number of new businesses launched in Yorkshire and the Humber in July was up on the previous month, according to data analysis by a trade body.

R3, the UK's insolvency and restructuring trade body, analysing data provided by CreditSafe, found that 4,076 new businesses launched in the region in July, a 7.4% increase on the previous month.

After falling month-on-month in February and March, the number of new start-ups in Yorkshire and the Humber saw a peak in April before another decline in May and then a small rise in June to 3,794.

However, insolvency-related activity, which includes liquidator and administrator appointments and creditors' meetings, also increased between June and July in the region.

256 businesses were affected in July, a month-on-month increase of 9.9%.

Dave Broadbent, chair of R3 in Yorkshire, said: "While the recent interest rate cut will improve access to finance for both businesses and individuals, rates remain well above pre-Covid levels and many homeowners and businesses are still struggling under this burden.

"In such a difficult environment, it is good to see growing confidence among would-be entrepreneurs both here in Yorkshire and across the UK."

For more information about R3, visit https://www.r3.org.uk/.