Brexit good for business – over 150,000 more businesses registered after the referendum was announced!
As we quickly approach the October 31st Brexit deadline, uncertainty for UK businesses is growing.
The ExodusPoint Partners International Fund returned 0.36% for May, bringing its year-to-date return to 3.31% in a year that's been particularly challenging for most hedge funds, pushing many into the red. Macroeconomic factors continued to weigh on the market, resulting in significant intra-month volatility for May, although risk assets generally ended the month flat. Macro Read More
AskTraders analysed companies house data over a three year period after the referendum was announced on 23rd June 2016 and compared to the same time period prior to this to discover if Brexit was good for business?
More than 150,000 more businesses were registered after the referendum was announced in 2016 with a total of 198,786. This is compared to the same time period (3 years and 2 months) before the announcement where just 46,794 businesses were registered.
London the best place in the UK to start a Brexit business!
Where in the UK is the best place to start a Brexit business according to companies house data? This would be the capital, as the home to some of the UK's largest businesses it's no surprise startups flock to the big smoke with 46,624 businesses setting up here since the referendum was announced.
This was followed by Birmingham (3938), Manchester (3709) and Bristol (2558). The top 25 best places to start a business-post Brexit can be seen below.
What image 1+2 show are the top 25 cities to start a business-post the Brexit referendum.
Commenting on the research, Steve Miley, senior market analyst at www.asktraders.com said:
“What we are seeing here is a significant increase in companies, most likely from Europe, setting up in the UK. In other words, European firms looking to get a foothold in the UK prior to the UK leaving the EU. With so many uncertainties surrounding Brexit, the possible terms of Brexit and how business will be conducted between the UK and the EU after Brexit, setting up a company in the UK could be one way to reduce uncertainties”.
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Sources and methodology:
Companies house data: Used to collect individual company incorporation data, by year, type of business and city registered
Business demography, UK: 2017 - Change in the number of UK businesses broken down by sector of the economy.
N.B: Data from “Companies house data” is based on
Pre- brexit period: 23rd April 2013 - 23 June 2016
Post-brexit period: 23rd June 2016 - 23 August 2019