Britain's economy has historically been split across a number of major cities, including Birmingham, Liverpool and Glasgow. Strong industry connections and proximity to transport links allowed these destinations to attract and develop businesses. However, the past century has seen a significant shift in industry towards London and away from northern counterparts.
For those looking to buy a business, the trend is significant. Prices have been forced up in London to the extent that a backlash is finally starting to take place in other previous centres of commerce around the UK.
A report from Stephanie Flanders for the BBC has highlighted the emergence of 'nodes' of industry in the North, such as Media City in Birmingham. The formation of the centre for media-specific start-ups is having a positive effect on the industry in the area, with a number of businesses noting that they have benefited from being connected with companies in a similar sector, something that has long been associated with London.
However, there is still a long way to go yet. Research has shown that the economy in London grew by nearly 12.5 per cent between 2007 and 2011, despite the impact of the recession. This rate is nearly twice as fast as noted in the rest of the UK.
The trend flags up the range of issues that need to be taken into account when buying a business and choosing where it should be located. While London might be more expensive, its networks are more established, but getting in early with a smaller start-up business in the North might allow a savvy business owner to make their mark without spending so much to begin with.
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