Entrepreneurship driving prosperity in every UK region, research shows
Entrepreneurship is driving prosperity in every region in the UK, according to the Barclays UK Prosperity Map.
The research identified the cities with the highest increases in small business turnover.
Manchester saw the largest increase at 15 per cent, followed by Cardiff at 12 per cent and Sheffield at 11 per cent. Manchester also ranked eighth for prosperity, whilst Cardiff earned sixth place in the top ten for overall prosperity.
The cities with the biggest increase in average earnings were also revealed, with Leeds having the highest increase at 6 per cent, followed by Newcastle at 5 per cent.
Birmingham and the West Midlands were found to have the largest increase in GDP per capita at 12.9 per cent.
According to Barclays’ study, there are now 690,000 millionaires in the UK. This equates to one in every 67 adults.
Barclays Chief Executive of Wealth, Entrepreneurs and Business Banking Akshaya Bhargava said: “As we look at the future of global trade and inward investment post-Brexit, it is the success of our entrepreneurs that will help drive future prosperity – it is essential that business leaders and policy makers continue to nurture these growth areas in order to ensure that these trends continue.”