Start-up surge in London as costal towns hit by business closures

Posted by Dan Martin in Business trends on Mon, 14/06/2010 - 11:49

The UK is split when it comes to business creation with London showing strong growth in start-ups compared to coastal towns like Blackpool and Southend which are losing more businesses than new ones created.

According to a report by accountancy group UHY Hacker Young, 24 new companies per 10,000 people were established in London in the year to 1 January 2009, significantly higher than the UK average of eight businesses.

Milton Keynes was second in the list with 19 businesses created per 10,000 people followed by Belfast with 16 companies.

Spokesperson Laurence Sacker said: "Whilst London is known as the powerhouse of the economy as it hosts so many global banks and multi-nationals, these figures show that is is also the national hotbed for entrepreneurs.”
 
"The expectation was that with the credit crunch coming from the collapse of the financial and professional services sector – London’s heart – the capital's ability to create new businesses would be severely impacted. It comes as quite a surprise therefore to see it at the top of the list."

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