Over the last few years, Manchester has found itself performing well in several rankings for business and economy. In 2019, it pipped Bristol to the top spot in Management Today’s “21 Best Towns and Cities for Business” as the most appealing place to set up a business. In March 2020, the Financial Times ranked it as number 5 in the best-performing European cities of the future. The city performed particularly well in the business-friendliness category, where it came out as number one. Later in the same year, it came 9th globally in a report ranking international startup ecosystems.
These are just a few examples of its positive reputation nationally and internationally for businesses. Much of this positivity has been put down to lower costs than London, good transport links, a qualified workforce, and a high level of economic resilience.
For what was once a manufacturing town, solely reliant on industry, the city it’s become has done exceptionally well at forging a niche for itself in the international business market. Going from strength-to-strength every year, Manchester could soon find itself at the top of every ranking for favourable business conditions.
Business in the community
But it’s not just businesses that have the entrepreneurial spirit in Manchester. Many individuals are self-employed (over 125,000) and are interested in investing, trading, and other forms of income generation. The last 12 months saw a surge in traders and investors using online platforms to speculate on stocks, bonds, and currencies.
The forex trading market, for example, enjoyed a bumper year as currency values fluctuated and more and more people got involved in trading. With the increase in activity and awareness, many providers now accommodate investors who may be new to this way of investment. Enjoying demo accounts and plenty of information from trusted forex partners, it became easier and more accessible to trade at home. While London might be known as the forex trading capital of the world, Manchester is not far behind!
Companies from all sectors are flocking to Manchester, but it’s proven particularly popular with fintech companies. A globally booming sector worth more than $5504 billion, more and more companies are looking to Manchester to lay down roots. Dubbed “The FinTech Capital of the North” and the UK’s Top Digital Tech City, it’s home to the largest number of financial services and technology companies outside of London. There are more than 80 different fintech companies based in the city and an estimated 8000 people working in the sector.
Examples of companies operating in the sphere include payments, crypto and blockchain, apps, banking, loans and finance, and gambling.
The future in Manchester
Manchester’s future is looking bright despite ongoing difficulties in the UK. It will likely remain popular as a hub for business and fintech, as well as for forex trading. Furthermore, we expect to see continual growth in the trading market- stocks as people invest in successful companies (including ones from Manchester) and forex, as the market enjoys continued volatility. This will lead to Manchester cementing its role as not just a key financial and business hub in the UK, but in Europe and globally as well.
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