Entrepreneurship in the North West challenges London and boosts prosperity.
The North West has one of the most buoyant small business sectors in the UK, with its small and medium-sized enterprises growing their turnover by 6% since last year’s study, outpacing everywhere except Scotland and London. Manchester led the way on this, and was second in the UK overall, with SMEs increasing their turnover by 15% here.
The North West also saw unemployment fall faster year-on-year than any other region, by 1.8%, and the region’s GDP per capita increased 8.1% to £19,937, higher than London and the North East.
The number of millionaires in the region reduced slightly by 2.2%, from a population of 45,000 to 44,000, in line with the wider UK trend.