55 growth firms lead way in city

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MILTON Keynes has one of the greatest concentrations of high-growth businesses in the UK, according to new analysis from the National Endowment for Science, Technology and the Arts (NESTA).

This data, compiled with researchers at Aston University using data from the ONS Business Structure Database, maps the geography of high growth firms and in which sectors they are found.

Milton Keynes has 8 per cent of all businesses with 10 or more employees being classified as high-growth. That equals about 55 companies. They make up 7 per cent of all UK firms but generate around half of all new jobs and are particularly resilient during a recession.

Geoff Mulgan, chief executive of NESTA, said: “Creating the right conditions for high growth firms to flourish is vital to the UK’s future – and our ability to create jobs. But many of them face serious barriers – on finance, recruitment and planning – that hold them back.

“Every part of the country needs to understand more about these businesses, what makes them tick and what they need in order to flourish. Today’s research is an important step in that direction.”

Visit www.nesta.org.uk