A new report has revealed the UK’s top 25 areas where business growth is booming, with Manchester the top hotspot outside of London.
The study shifts the UK’s economic narrative beyond just London, putting a spotlight on mid-market companies (MMCs) in areas like the North West that are quietly powering the economy.
The in-depth report from NatWest, which points to the rising powerhouses of opportunity and innovation across the country, found Manchester to be a dynamic hub for creative and digital industries, fuelled by MediaCityUK and a thriving start-up scene.
While London remains the largest centre for profit, headcount and turnover in the mid-market, Manchester, as well as other parts of the UK, begins to feature more prominently when it comes to innovation.
Manchester sets a regional benchmark in the report, with the greatest number of companies experiencing above-average growth after London.
Furthermore, researchers noted that Manchester did not trail too far behind Oxbridge life science innovators, indicating that excellence in this field also exists in the city.
Andy Gray, Managing Director of Commercial Mid-Market at NatWest, said: “The UK’s economic story is no longer written only in its biggest cities. Across the country, mid-sized businesses are scaling up, investing in people and creating high-quality jobs. These boom regions demonstrate that entrepreneurial energy and economic resilience can flourish anywhere.”
Henri Murison, Chief Executive at The Northern Powerhouse Partnership, said: “While London remains an important location for mid-market businesses, this new report from NatWest clearly points to the impressive growth and innovation that is taking place in the North across both Manchester and Leeds, and their respective neighbours across Cheshire and in Wakefield, as well as North Yorkshire and Sheffield.”
“As the Autumn Budget approaches, we should be backing concrete steps towards adoption and diffusion of innovation in businesses that are seeking to scale up, providing more high skilled jobs in Northern towns and cities, and playing a fundamental part in delivering the UK Government growth mission.”
