Top 25 UK regions for business growth revealed - find out where your area ranks
It’s not just the big cities driving Britain’s business boom - smaller hotspots like Slough and Swindon are joining places like London at the forefront of UK growth, a new report reveals.
Manchester, Leeds and Oxford have been crowned some of the UK's top hotspots for business growth, according to a new report. The research, conducted by NatWest and data firm Beauhurst, examined growth in areas such as innovation, profit, headcount and turnover among mid-market companies across the country.
Manchester soared up the rankings, thanks to its booming creative and digital industries, driven by MediaCityUK and a vibrant start-up scene. Oxford shone for its research-led firms, many born as university spinouts before becoming major players. Meanwhile Leeds was praised for its growing health tech sector, building on its financial services roots and bolstered by links to NHS Digital and leading hospitals.
Although London remains the UK’s biggest centre for profits and jobs, the report shows other regions are fast becoming innovation hubs, but it’s not just the big cities
Slough and Telford & Wrekin were singled out as rising stars, while Swindon has emerged as a top climate tech centre, thanks to its cluster of renewable energy and clean-tech firms.
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.”
Among the emerging centres of growth, researchers pinpointed South Cambridgeshire as home to a thriving cluster of university spinouts.
Aberdeenshire also performed strongly in the innovation category, reflecting its long-standing expertise in oil and gas, now being redirected into renewable energy, carbon capture and wider climate technologies.
Local firms there have benefitted from specialist engineering skills, proximity to North Sea projects and strong research links – helping the area reinvent itself as a hub for innovation in the UK’s energy transition.
The research focused on mid-market companies turning over between £25m and £500m annually – these businesses account for 26 per cent of employment and 30 per cent of UK economic Gross Value Added.
The findings also project that, with the right support, mid-market companies could add an extra £115 billion in turnover and £35 billion of Gross Value Added by 2030 – despite representing just 0.5 per cent of businesses in the UK.
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.
“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.”
Louise Hellem, chief economist at the CBI, said: “This report underlines the vital role the mid-market sector plays in driving regional growth and strengthening our economy. These businesses are not just surviving, they’re expanding, innovating, and investing in their communities.
"To fully unlock the UK’s potential and develop high growth clusters, we should harness their strengths as part of regional growth plans, ensure they are engaged in shaping local skills plans and have greater access to finance to scale.”
TOP 25 REGIONS FOR MID-MARKET BUSINESS GROWTH IN THE UK:
- London
- Manchester
- Leeds
- Oxford
- Birmingham
- Buckinghamshire
- North Yorkshire
- Edinburgh
- Glasgow
- Bristol
- Cheshire East
- Milton Keynes
- Belfast
- Sheffield
- West Northamptonshire
- Aberdeen
- Wiltshire
- Warrington
- Cardiff
- Windsor and Maidenhead
- Solihull
- Reading
- Cheshire West and Chester
- Wakefield
- Nottingham