The pandemic has definitely disrupted the global economy and it is uncertain when things will get back to normal. While 2021 might not be the best year to start a new business, the entrepreneurs in the UK seem not to have missed the chance. Many entrepreneurs have used the pandemic crisis to launch their ideas and turn them into a reality. Making this evident, there is a record 12.3 percent increase in the number of new businesses in the UK in 2020.
Given the growth in the number of new businesses, it is vital to choose the right location for the same. When this decision is taken right, there will be great benefits. To help aspiring entrepreneurs in the UK, Fasthosts has conducted a new study to reveal the top 15 cities in the UK for startups. The study has analysed these cities based on business birth and death rates, average download speeds, five-year survival rates, average working productivity, and office renting costs.
Top cities in UK to start a business
The study has crowned Luton as the best location in the UK to start a new business with an overall index score of 3.375. The city seems to have one of the best rates of production, business survival rates, and office prices among other UK cities. Next on the list is Reading, which boasts a very high productivity rate, which is higher than that of Luton. However, it lags behind in terms of internet speeds and office costs.
Nottingham lies in third place as a major player in the Midlands. The Bedfordshire town has ranked marginally higher than the tech hub Reading, which occupied the second spot. On the fourth spot we have the Scottish city Edinburgh, which outperforms Central London that is in the fifth position by very narrow margins.
Talking about the other positions, we have Liverpool, Portsmouth, Coventry, Wolverhampton, Bristol, Birmingham, Newcastle upon Tyne, Stoke-on-Trent, Northampton, and Bradford in the other positions in order.