London has experienced a boom in new business launches this year, according to a recent study.
Recent data from business finance specialists BusinessFinancing.co.uk has found that London has had the fourth highest number of new businesses per capita out of all UK cities in 2023.
In spite of the cost-of-living crisis affecting families and businesses, the tenacity of entrepreneurs across the UK in 2023 has proved that there still very much has an appetite for new enterprises.
From home-grown ventures to side hustle startups, mumpreneurs to Dragon’s Den, there’s no doubt that we’re a nation of entrepreneurs – and London has led the way in this trend.
Over the past 12 months, 236,402 new businesses have been launched in the city – equalling 2.69 per 100 people.
The city has continued to benefit from the post-pandemic boom of new businesses, a trend seen across the country.
With the rise of changing career priorities in the wake of the pandemic, budding entrepreneurs are increasingly taking the plunge into running their own businesses.
This trend looks likely to continue, with London seeing new business launches increase by an impressive 57.75% in 2023 compared to the previous year.
With so much growth in a range of areas across the UK and reports of a stagnating jobs market, the trend of entrepreneurship looks set to continue into 2024 and beyond – with London leading the way.
Experts at businessfinancing.co.uk looked at records posted on Companies House for newly-registered businesses since January 1, then analysed location data and local population size to determine their findings.
The top 50 most entrepreneurial towns and cities in the UK this year were found to be the following
Ian Wright, finance expert at BusinessFinancing.co.uk, said, “The research clearly shows that UK towns and cities have an appetite for enterprise, even amid the ongoing cost-of-living crisis.
“Entrepreneurs up and down the country are showing their willingness to invest their time and energy in bringing their business visions to life.”