London may lead the pack when it comes to business start-ups in Britain, but the latest research from Instant Offices reveals the UK’s other major cities are making a significant contribution to entrepreneurialism in the UK.
Last year, an impressive 672,890 new companies launched in the UK. An increase of 8.5% on the previous year and the highest since 2010. With that in mind, Instant Offices analysed population to startup ratio across the UK’s top cities to discover which place has the highest concentration of entrepreneurs.
Instant’s Entrepreneurial Index ranks top cities in the UK by analysing Companies House data and comparing new business to population ratio. When it comes to the most entrepreneurial areas in the country, you may be surprised to discover the capital only ranks 3rd on the list this year.
Startup activity increased this year in West Yorkshire, with Bradford launching 32% more businesses in 2020 compared to 2019. Three years ago, the city ranked highest in the SME Growth Factors Index, which named Bradford one of the best places in the UK to start a business.At 242,442, the number of new businesses registered in the capital in 2020 is around 35 times higher than our top-ranking city. When comparing population to business ratio, Portsmouth ranks highest for its high concentration of entrepreneurial activity. The number of new businesses launched here has increased by 33% this year, compared to 31% in London.