If you’re thinking of starting a finance business then one of the toughest decisions to make is where to set it up. A popular choice of country to set up a finance company is the United Kingdom. The United Kingdom has a strong economy which is vital to ensuring the long-term success of your business and they have a massive financial industry. The finance sector in the UK is one of the best in the world, it is estimated that this sector brings in upwards of £130 billion and is a huge 7% of the country’s total economic output. This makes it a great environment to start up a finance business, there are many successful finance companies in the UK, they have been given the title of the finance capital of Europe which is huge considering how great Germany and France’s finance sectors are. The city you choose within the UK will also massively impact how well your business does, starting your business in a city, not a town is obviously the way to go but deciding what city can be difficult. To save you from doing lots of research we’ve found the most financially competitive cities in the UK for you.
London is the capital city of England and it is one of the busiest cities in the world and is a massively popular tourist destination. This is a city that has a reputation on the global stage and is almost as competitive as places like New York and Tokyo. There are two major financial districts in London: The City of London and Canary Wharf. Whilst both are internationally recognized as important and successful finance districts The City of London is slightly more important as it is home to the Bank of England and the Stock Exchange, both of which are extremely important in the finance sector. Another great thing about London is that it is in a great location, whilst London will likely have everything you need to run a business, if you set your company up in London, you’ll be able to take advantage of services being offered in other cities and towns close to London. For example, one of the most important things to help improve a business’s chance of success is to make sure that you’re using up-to-date technology. If you’re not tech-savvy then you’ll have to pay someone else to take care of your tech needs. If you set up your business in London then you’ll be able to access a Watford based IT support company as they’re known to provide some of the best services in the whole of the UK. However, rent prices in London are extremely high as is the cost of living so if it’s too expensive for you to set your business up in London, there are other great cities too.
Manchester is another major city in the UK, it is one of the most popular cities in the UK as it is filled with great culture and is one of the biggest northern cities. As it is located in the North this means that everything you need for your business will be much cheaper and rent would be significantly lower than it would be in London. Their major financial district is called Spinning fields, this has seen a lot of growth over the last decade, there are now double the number of workers there than there was ten years ago. Many big companies are choosing to start up in Manchester instead of London and Manchester is predicted to be the home of FinTech in the UK which is the future of finance. More graduates than ever before are also choosing to stay in or move to Manchester as an alternative to London, this will help the cities financial sector to continue to grow.
Edinburgh is the capital of Scotland and is another major city in the UK. It is one of the 2 biggest cities in Scotland and is home to over 50% of Scotland’s whole financial sector. Edinburgh has the 2nd biggest financial district in the Uk, second only to the City of London. This is another city that is recognized on an international level as they have the 4th largest financial sector in Europe. This is another city where lots of FinTech companies are setting up, whilst Manchester is leading in this area Edinburgh is seen as another alternative to London. If you want to set up your business in a busy city with lots of potential clients and lots going on then Edinburgh is the perfect place as it has the busyness of a capital city without costing as much as London.Read More