2018 saw a record-breaking number of company formations in the UK, as start-ups defy the pessimism from the current economic and political uncertainty.
In the UK, approximately 660,000 companies were registered at Companies House last year, which represented an increase of 5.7% on the previous year – a new record! Sharp increases were recorded in Manchester, Birmingham, Leeds and Bristol. However, London was still the number one destination in the country to start a business.
We have written previously about why London is one of the best destinations in the world to invest in and start a company, but these figures go further in emphasising the capital city’s resilience, even throughout this turbulent period and cements London’s rightful place as the leading start-up hub in Europe.
Investment in the UK is being driven by a huge push in innovative sectors such as cryptocurrencies, fintech, and artificial intelligence. The latter has seen a 47% increase in investment on the previous year and the likes of online bank Monzo has closed an £84 million investment round.
A quote from Rajesh Agrawal, London’s deputy mayor for business, states: “These figures demonstrate that London is going from strength to strength as a global hub for technology, innovation, and creativity” and we at Ecovis are fully behind him in agreeing that despite Brexit, London will continue to be an attractive, global, and open city to do business in.
If you are looking to expand operations here and would like to discuss next steps, how to utilise tax breaks, or grow your business, then please get in touch with Gerry.email@example.com.