UK Contractors and budding entrepreneurs experience increased growth ‘up north’
Contractors will be interested to hear that entrepreneurs with businesses ‘up north’, are experiencing fastest growth, as well as being the most optimistic about their future prospects.
The research, carried out by Ernst & Young (EY), found that entrepreneur-led businesses in the North of England are capitalising on the biggest opportunities for growth in the UK, achieving 24% increase in turnover over the past 12 months – London and the South scored slightly lower with 19%, Scotland 17.1% and the Midlands 12%.
The figures, supplied by finalists in EY’s Entrepreneur Of the Year, also found that those in the North were the most optimistic about the economy as a whole, with an incredible 83% saying that they expected significant turnaround.
Other parts of the country were still positive about their future prospects, just not as much as the North, for example, Scotland scored 43%, London and South 36% and the Midlands 30%.
Although Scotland scored slightly lower with regards to turnover and confidence, entrepreneurs in this part of the country were found to have achieved the biggest rates of job creation, with figures showing 69% workforce growth in the past 12 months.
Job growth in the North grew by 19.2%, the Midlands by 9.2% and London and South by 7.8%. Overall, UK entrepreneurs achieved an average 17.2% growth in job creation.
Stuart Watson, EY Partner and Entrepreneur Of The Year Leader, explained further, “The importance of entrepreneurs in leading the economic recovery is clear, with their contribution to the growth, revenue and jobs vastly ahead of the economy in general. It reinforces research by NESTA showing that 6% of outstanding growth companies create half of new, high value jobs.
“The impact on regional economies and confidence cannot be overstated, with entrepreneurs providing a major boost for local innovation, pride and job creation. Innovative and fast-growing businesses have helped the UK regions to become world players in many industries.”
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