New Study Names Manchester the Best City to Start a Business in the UK in 2023
Businesses in the UK have faced significant challenges in recent years; with Brexit, general elections, a global pandemic and the rising cost of living, every industry and sector has been impacted in some way.
Despite these pressures, there is hope for UK businesses as analysis of data from Companies House has shown that a record 202,130 new businesses were set up in the UK in the first 12 weeks of 2023 which represents a year-on-year (YoY) rise of 6.5%.
Although the UK economy is predicted to contract by around 0.5% in 2023, the country is also expected to avoid a full technical recession, with growth expected to return in 2024 and continue in 2025.
A new study by independent digital agency Dark Horse has found the Top 10 UK Cities to Start a New Business in the UK. The results show that Manchester, often considered the unofficial ‘Second City of the UK’ is the Best City to Start a New Business in the UK, achieving an overall score of 90.
Despite London often being considered the business powerhouse of the UK it came in a close 2nd with a close score of 92.
The result also shows that the North is a serious contender for new business. Four cities in the top 10 are in the North, with three in the South and Birmingham being declared the best place to set up in the Midlands. Glasgow and Cardiff are the top cities in Scotland and Wales respectively.
To determine the results, the study pulls together data from a number of sources from ONS, Numbeo, the Fair Internet Report and the Department for Transport with data tied to UK cities. Key criteria collected include the quality of life, the rate of new businesses opened, internet quality, local education, transport services and GVA.
James Maxfield, data expert at Dark Horse, who analysed the results, said: “In the past, location was considered everything in business – from logistics to networking it was the be-all and end-all, and to be successful you had to head south. But that’s just not the case anymore. Investment in infrastructure, talent acquisition, culture and the digital age has made it possible to set up a business pretty much anywhere in the UK.
This data clearly shows that businesses have the absolute potential to boom across the UK. As a northern company ourselves, it’s great to see a wide variety of cities rank in the top 10. There is no doubt that with effective investment and opportunities, businesses can grow and cities can thrive as a result.”