LAST week, statistics, published by the Office for National Statistics, showed that the British economy shrank by 0.2% in the first quarter of this year, pushing the UK into recession, again.

Production has slumped, the number of people claiming benefits is climbing, and unemployment is stubbornly sticking at above 8%. And, according to the latest official figures, just over a million 16 to 24-year-olds were considered unemployed in the three months to February.

Against this gloomy backdrop, questions are being raised as to whether a new generation of young entrepreneurs will be created as enterprising young people go into business for themselves. Andrew Gilbert, managing director of data centre and communications firm Node4 began his company at age 23, being a part of what is now the troubled 16-24 age bracket. He seized an opportunity to set up his company that has grown 363% over the last five years and now has a turnover in excess of �11m per year. He said: "The 16-24 age range is a very significant period for young people in the formative years of their working lives.

"Many talented young people who are struggling to get their foot on the career ladder will be forced by the economic conditions to set up their own enterprises. Many people had great ideas in the past for new businesses but may not have had the courage to go it alone. In the current economic climate, the severe constraints we currently have make starting up a business a much more appealing option.

"What UK industry needs is for more young people to be more enterprising by researching their ideas and applying their talents, bright minds and aspirations to the world of business."