Despite the uncertainty surrounding Brexit, entrepreneurial activity in London remains strong, data reveals.
According to the Centre for Entrepreneurs (CFE), the think tank which compiled the figures using data from Companies House, more than 216,000 new businesses were registered in the greater London area in 2018, a 6.45 per cent increase on the previous year and 10 times that of Birmingham, which was placed second on the list.
The five most popular London locations for new startups include Camden, in first place, followed by Hackney, Islington, Westminster and Newham.
Nationwide, the number of British startups registered increased to a record high of over 660,000, a 5.7 per cent increase on 2017.
Commenting on the findings, Friederike Andres of the CFE says the government needs to do more to “reassure entrepreneurs that it will continue to champion and support them” and to “mitigate any negative effects from EU exit”.
He also added that “tangible measures to reform business rates [and] boost SME procurement” should be key on the agenda for politicians.
London is an established world-leader in finance, creative industries and business services, and a growing force in newer industries such as tech, low carbon and life sciences. It offers some tempting UK tax incentives to support innovation and startup businesses, such as Entrepreneur’s Relief, R&D tax credits, Enterprise Investments Schemes, and more.
At Beavis Morgan, we specialise in working with startups and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.
If you would like to find out more about how we can assist you and your startup business or to discuss how any of these tax incentives could benefit your business, contact your usual Beavis Morgan Partner.
Further reading:
UK businesses claim £3.5 billion in Research & Development tax relief