Contractor News Roundup: July 2020
Contractors might be interested to hear that new research has shown London creates 20 times as many businesses per head as the rest of the UK.
Findings from UHY Hacker Young, show that when it comes to business generation, London outdoes the rest of the UK’s top 150 towns and cities.
Latest figures show a net total of 16 additional businesses per 10,000 population was created in London, compared to just 0.8 nationally. Slough came a close second on the list, creating 15.5 additional businesses per 10,000 population.
According to the report, London’s high level of business generation is mainly due to its reputation as an ‘economic powerhouse’, which helps to attract both international businesses and start-ups to the city.
UHY Partner, Colin Jones, commented, “As the recession eases, more businesses are turning towards expansion, and many international companies are looking to London to access the UK and European markets.
“Continual regeneration is also leading to increased business creation. Revived areas such as the ‘Silicon Roundabout’ and Shoreditch, are now housing the headquarters of tech giants such as Facebook and Amazon, as well as a growing variety of successful tech start-ups.
“Businesses in the ‘Silicon Roundabout’ are benefiting from close proximity to the City and the West End whilst taking advantage of the lower office rents available in EC1. The area is quickly becoming a bustling centre of media and creative start-ups as well as technology companies.
“London is also attracting a new wave of financial services companies, ranging from specialist high frequency traders, financial technology companies and hedge funds and the supply chain of small businesses that serve them.”
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