Although London is still indisputably the United Kingdom’s foremost commercial centre, a new economic growth hub is rising in East England. Northampton boasts the lowest unemployment rates in the country as multiple new businesses opening in the city. The ideally located and forward community is now home to thriving start-ups and companies, invigorating local and national economies.
Bright Future in Northampton
Surrounded by acres of farmland, Northampton at first seems like an unusual place for the United Kingdom’s newest commercial hub. But the city is perfectly located, with the majority of the country accessible via multiple motorways and railroads. It’s also only an hour’s drive away from London itself, giving it access to the metropolis’ financial districts.
Thanks to this surge in business, unemployment rates in the city as well as East England have dropped precipitously. Northampton’s rise to economic prominence was noticed as far back as 2015. Economic experts noted that Northampton was third in the nation for new businesses, only exceeded by London and the neighbouring city of Milton Keynes. The surge in new companies provided employment opportunities for tens of thousands. By 2019, only 2.8 per cent of the region’s workforce, or 91,000 people, were unemployed.
Local Assistance for Businesses
The abundance of rental office space in the centre of the city, combined with its central location proved to be a winning combination. Following a trial period, the local government offers start-ups by local business grants of up to £1,000, giving them an advantage.
Aside from help from the government, local businesses are also helping each other. Some companies offer web internet marketing services in Northampton to improve their online presence. Commercial real estate owners rent their spaces to start-ups through short-term legal agreements, giving these businesses prime office locations and property owners with reliable sources of revenue. This alliance is the solid foundation on which the bright future of Northampton will be built on.
Even the local academic institutions are assisting their city’s businesses to succeed. The University of Northampton offers promising entrepreneurs courses on business management. Not only does the university provide aspiring business owners with the academic and theoretical grounding they need, but it also built the Innovation Centre. Located in the Northampton Enterprise Zone, this sleek modern building gives start-ups and other businesses with flexible office units and conference areas.
Rich Past of East England
The economic success of Northampton isn’t surprising if you consider the rich commercial history of the city. Founded in 1189, most of the original town was levelled by a disastrous fire in 1675. The community slowly rebuilt itself throughout the following century.
Over the years, the city became an important centre for retail goods for Northamptonshire and the neighbouring region of Buckinghamshire to the north. Historically, the city is famous for its rich leather industry, especially the gorgeous shoes made by their craftsmen.
Whether it’s because of a confluence of factors, like its location, or because of the entrepreneurial spirit of the locals, Northampton’s success has been steadily growing in the past years. It’s a testament to the pioneering and enduring British spirit, which is key to securing the nation’s future.