Entrepreneurship is driving prosperity across the UK

Regions of the UK that perform strongly for entrepreneurial activity score highly for prosperity, with every region of the UK more prosperous than it was last year – according to research from Barclays.

The Barclays UK Prosperity Map found that cities including Manchester, Cardiff and Sheffield have seen some of the largest increases in small business turnover at 15%, 12% and 11% respectively. Manchester, in eighth place, and Cardiff, in sixth, also made the top 10 ranking for overall prosperity.

Leeds saw the biggest increase in average earnings (6%), followed by Newcastle (5%), while Birmingham and the West Midlands saw the largest growth in GDP per capita at 12.9%. In London, average earnings actually decreased by 1% over the same period.

The study also found that 690,000 people in the UK are now millionaires, equating to one in every 67 adults.

Akshaya Bhargava, chief executive of wealth, entrepreneurs and business banking at Barclays, 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.”