The recent instability of the UK economy and activity in the eurozone have had the potential to cause damaging effects on the number of businesses committing to a UK relocation. However certain cities in the UK have remained resilient during tough economic times and have continued to attract businesses due to their commercially strong environments. The effects caused by the global economy have affected Britain’s employment prospects, competitiveness and the overall ability for the UK to expand at a domestic and international level.
According to the latest unemployment data from the Office for National Statistics there are roughly 2.56 million people unemployed in the UK. Whilst this number is gradually diminishing, the staggering level of unemployment has shifted the balance of power in favour of the employer, putting them in a position where they are able to choose from a large pool of qualified candidates and anxious employees. Garrington Relocation has noticed a distinct increase in businesses targeting more affluent areas, where the supply of quality potential employees is greater.
Although cities in England fall under the same Government policies and are witnessing the same economic pressures, some cities are able to shield themselves and recover from the downturn better than others. The Cities Outlook 2013, from the Centre for Cities, expressed that the cities that have experienced the greatest loss of public sector jobs will find it most difficult to regain employment in the short term. The capability to recuperate from significant negative growth and improve employment conditions depends upon support from within the City. London, Aberdeen and Milton Keynes are cities that have large numbers of business start-ups, a high percentage of knowledgeable workers and innovative economies, which help improve employment prospects. Cities which retain a poorer skill profile, such as Doncaster, Newport and Hull, will have to rely on additional support to regenerate employment levels. However, additional support, such as Government subsidies, is unlikely to be initiated in the near future due to the Government deficit and eurozone referendums.
Finding the right location for a business could be the difference between falling victim to the current UK economy and thriving in it. A city’s ability to support growing businesses, availability of skilled labour and accessibility are all crucial factors to take into account when considering a UK relocation.