Newham in East London Booms as the Fastest Growing Area for Small Businesses

East London Leads the Way

Newham in east London has been identified as the fastest-growing area for producing small businesses, with a staggering 175 per cent increase in the number of new firms established since 2010. The area has seen a significant rise from 4,840 to 13,290 new businesses, showcasing a thriving entrepreneurial spirit.

Capitalizing on Opportunities

Seven out of ten local authorities experiencing rapid growth in small businesses are in the capital, with other spots occupied by Salford, Luton, and Manchester. East London has witnessed a surge in the number of workers, with 325,000 moving in, a third of whom are aged between 25-49 years old.

Focus on Growth

The East London Growth Group's research highlights the need for more focus on housing affordability and transport connectivity to attract and support up-and-coming business leaders in the area. Howard Dawber, Deputy Mayor of London for Business and Growth, emphasized the region's entrepreneurial spirit as a key driver of growth.

Optimism for the Future

Sir Stephen Timms, MP for East Ham, expressed delight at Newham being recognized as the most entrepreneurial place in the country. He praised the residents' energy, imagination, and determination in responding to challenges, citing the research findings as a reason for optimism about the area's future.

Unlocking More Opportunities

Alison FitzGerald, CEO of London City Airport, underlined the importance of capitalizing on East London's momentum and leveraging the area's potential for business growth. The report calls for collaborative efforts to identify clear solutions that will unlock further opportunities for East London and support its thriving business community.