More than 4,800 start-ups were launched in the North East last quarter, according to insolvency trade body R3.

Analysis of data from Creditsafe shows the number of newly established firms at 4,828 for the first quarter of this year.

Compared with last year's Q1 figure, where 4,492 new businesses were recorded, the start-ups have risen by 7.5 per cent.

Kelly Jordan, chair of R3 in the North East, said: "After a challenging few years, the North East has had a strong entrepreneurial start to 2024.

"These new ventures bring the promise of innovation and job creation for local people, particularly in thriving sectors such as manufacturing, life sciences, and tech."

Meanwhile, insolvency-related activities fell by 11.6 per cent over the same period, falling from 249 to 220.

Ms Kelly, an associate director at Manolete partners, said: "While it's still early days, these statistics are green shoots that suggest we are past the worst of the cost-of-living crisis."