MILTON KEYNES is officially the UK’s most competitive city for business, according to a new study.
The city has topped the UK Competitive Index for 2023, which ranks places on how well they are set up to help businesses flourish.
Academics at the University of Cardiff and Nottingham Business School measured UK places for their attractiveness to investors and businesses, based on factors including the number of business start-ups and ‘knowledge based’ businesses – including in finance and technology – and the productivity of workers.
The report also predicts that Milton Keynes is set for one of the highest long-term growth rates among UK cities outside London.
Milton Keynes has high levels of entrepreneurship with 62.3 business registrations per 10,000 people compared to 54.3 in the UK as a whole, researchers found. A third of businesses in the city are classed as knowledge-based, relying on innovative practices, technology and/or skilled employees. Nationally, less than a quarter of businesses are knowledge-based.
“We know that Milton Keynes is greatly attractive to business, especially the kind of innovative firms who are creating high-quality jobs to make the most of our local skilled workforce,” said Cllr Robin Bradburn, deputy leader at Milton Keynes City Council and cabinet member for economic development.
“We will keep encouraging investment, helping companies to put down roots and grow, and giving our support where it is needed, such as our recent multi-million pound fund to promote economic recovery.”
Ten years ago, Milton Keynes was ranked 43 in the Index.