Fastest-growing area for money-making bosses showing “entrepreneurial spirit” setting up firms revealed
THE FASTEST growing area for producing small business is Newham in east London, a new report reveals.
The area saw a massive 175 per cent increase in the number of new firms established since 2010 from 4,840 to 13,290, research shows.
Seven out of ten local authorities which have seen the fastest growth in this area are in the capital – the other spots occupied by Salford, Luton and Manchester.
The study shows that east London has a rapidly expanding number of workers with 325,000 moving in with more than a third being 25-49 years-old.
The research was carried out by the East London Growth Group with the report demanding more focus on housing affordability and transport connectivity to bring in more up-and-coming business leaders.
Howard Dawber, Deputy Mayor of London for Business and Growth said the report showcases the area’s “entrepreneurial spirit”.
Sir Stephen Timms, MP for East Ham, said: “I am delighted that Newham has been identified in this research as the most entrepreneurial place in the country.
“People who live in the borough – many with their roots in other parts of the world – respond to the challenges they face with energy, imagination and determination.
“This research finding provides good grounds for optimism about the future.”
Alison FitzGerald, CEO of London City Airport, said: “This insightful report shows that East London is one of the best places in the UK to start and grow a business.
“The priority now is to work as a group to identify clear solutions for how we can capitalise on this momentum and unlock more opportunities for East London.”