Is Liverpool the Heir to London’s Business Throne?

For the last hundred years, London has reigned supreme as the UK’s business capital. But is the tide changing? As more workers shun big city callings for remote jobs, and business is increasingly done over video calls, is London losing its value? If London’s reign is over, which UK city is heir to the throne? In this article, we analyse the credentials of Liverpool.

Affordability and Value

As with any UK city outside London, there’ll always be the pull of affordability. But even compared to its northern sibling, Manchester, Liverpool’s cost of living holds up. From office rental fees to house prices, Liverpool offers far more affordability than both London and Manchester, which simultaneously lowers startup costs and helps to attract talent.

Given the factors listed below, along with the preference of employees to work remotely, it is becoming increasingly difficult to justify the ‘London tax’. While all businesses will benefit from these factors, lower costs are particularly helpful to startup businesses, something that is supported by Liverpool’s strong startup survival rate.

Access to Business Services

When comparing locations in terms of their suitability to start a business, it’s the more logistical factors that are often the most significant. For instance, the ecosystem of a city is crucial to growth. While it’s hard to top London’s vast ecosystem, Liverpool punches well above its weight. 

The access to high-quality business services particularly elevates Liverpool above many other major cities. The city is quickly developing a reputation for creativity, with many leading service agencies based in Liverpool. 

There are also a number of reputable law firms, including Bond Turner, operating out of Liverpool as well. 

A Strong Talent Pool

Despite being smaller than London, Manchester, Birmingham, and many other leading cities, Liverpool offers access to a thriving pool of young talent thanks to its four universities. Coupled with the city’s well-regarded, buzzing nightlife, Liverpool is an easy sell to young talent, whether that’s keeping graduates in the city or attracting employees from outside.

Networking and Community Support

As a city, Liverpool’s emergence as a startup city is no accident. Access to mentors, incubators, and funding opportunities have all come on leaps and bounds in recent years and further helps the city to rival larger competitors in terms of business infrastructure.

Liverpool City Council is a great place to start in terms of business support. Whether you’re looking for support in starting a new business in the area or you need to be pointed in the direction of financial support, Liverpool’s council is one of the most supportive in the UK.

Final Thoughts

It’s fair to say that Liverpool hasn’t quite taken London’s business crown just yet, but more businesses are starting to consider alternatives to England’s capital when it comes to doing business, and Liverpool does more than hold its own. From talent to support and everything in between, don’t be surprised to see Liverpool become the UK’s home of startups in the next ten years.