Businesses have higher survival rates in remote areas, survey shows
Businesses that are set up outside London have a higher chance of survival than those in the city, according to research from eBay UK.
The research, which was based on figures from the Office of National Statistics, identified the areas in the UK with the highest survival rates for start-ups.
The Shetland Islands were found to have the highest start-up survival rate with 56 per cent.
In second place were Melton in the East Midlands, Purbeck in the South West and North Norfolk, all at 53 per cent, followed by Selby in Yorkshire & the Humber at 52 per cent.
The research indicated that businesses set up in more remote locations may have a higher chance of survival as they are less affected by “economic turbulence”.
eBay UK Vice President Tanya Lawler said that their research shows the “vital role start-ups play in the British economy, acting as resilient ‘satellites of stability’ and employment.”
Federation of Small Businesses (FSB) National Chairman Mike Cherry added that the research is “an encouraging sign that this is beginning to happen and FSB will continue to support moves to help rebalance our economy.”