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THE TOP UK CITIES TO START A BUSINESS IN 2023
Recent years have been challenging for small businesses , with an estimated 20 % increase in insolvencies in 2022 and nearly 400,000 businesses closing between 2020 and 2021 .
Despite this , SMEs continue to launch new businesses . 2021 saw a record for start-ups registered on Companies House , with nearly 80 new companies listed per hour in the first half of the year .
With another difficult year likely ahead in 2023 , it ’ s important that entrepreneurs set themselves up with the best chance of success possible .
That ’ s why Virgin Money has launched a study to reveal the UK cities with the best prospects for starting a new business in 2023 , with Cambridge found to be the top ranked location .
6 . Aberdeen 7 . Plymouth 8 . Swindon 9 . Southampton 10 . Exeter 11 . Cardiff 12 . Gloucester 13 . Newport 14 . Milton Keynes 15 . Bristol
Ranking as the city with the best prospects for new businesses , Cambridge scores highly in all metrics . The city ranks in the top five for length of commute , people in employment and Internet quality and is the top ranked city for both happiness and innovation .
Cambridge is by far the best city for innovation , with 259 patent applications per 100,000 people , compared to Derby , the second ranked city for innovation , which saw 131 applications .
Edinburgh , meanwhile , ranks as the second-best city in the index . The Scottish capital scores well across most categories , and features in the top five for CO 2 emissions , business churn rate and employment .
Among the other categories , Belfast offers workers the best commute , with 0 % of journeys in the Northern Irish capital reported to take more than 60 minutes . Hull meanwhile offers the best Internet quality of any city , with an average download speed of 163 mbps .
The research ranks businesses based on a variety of key metrics , including average commuting time , innovation and Internet speed , among other factors .
Top 15 cities to start a business
1 . |
Cambridge |
2 . |
Edinburgh |
3 . |
York |
4 . |
Oxford |
5 . |
Portsmouth |
In the northeast , the city of Sunderland ranks as the best city in the country in terms of CO 2 emissions , with an 18 % reduction in emissions between 2017 and 2019 , whilst Newport boasts the best business churn rate .
The Welsh city saw far fewer businesses close than other locations , with a churn rate of -16 %, meaning more businesses opened than closed . This is 11 % better than the second ranked city of Norwich ( -5 %).
Elsewhere , Plymouth saw the best high street recovery in the period following the first lockdown and York ranked as the city with the highest employment rate . �
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