More details: Found hereA decade on since the inception of the Northern Powerhouse Investment Fund, the North of England is experiencing small business growth that outstrips the rest of the UK, according to new insights from GoDaddy.
Of the 50 constituencies with the fastest growing number of small businesses, 20 came from 'Northern Powerhouse' areas – twice as many as last year – with only 9 constituencies coming from the South of England.
Places such as Barrow-in-Furness, Burnley, and Birkenhead have seen a significant increase in small business growth compared with last year, indicating a surge in entrepreneurialism.
The new data comes from Venture Forward, GoDaddy's international research initiative that studies the economic impact of more than 600,000 small businesses in the UK and the attitudes of the owners who start and run them, with every constituency in the UK receiving a 'Microbusiness Density' score – the number of microbusinesses per 100 people.
The findings are reinforced by the government's latest annual ONS statistics, which showed that the North East and North West of England had the highest business 'birth rate' (11.7 and 11.6% respectively) in the UK, outside of London.
Burnley's microbusiness density score grew by 76%, as it has started to position itself as a disruptive tech cluster, facilitated by Lancashire becoming the site of the UK's first Digital Skills Partnership.
Birkenhead boasted a growth rate of 74%, supported by programs like Accelerate Wirral, alongside substantial investment in the nearby Baltic Triangle, both of which have helped to propel the constituency into the Top 10.
Over a fifth of small business owners (22%) cited funding and access to capital as one of the biggest challenges when setting up their small business.
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