London businesses looking to expand outside the capital | 01 August 2013
More London businesses are looking to expand in the next year, with the majority planning to do so outside the capital.
Research by The Confederation of British Industry (CBI) has suggested that 62 per cent of London firms have made expansion plans, up from 53 per cent in December.
Yet, only 29 per cent of these said that they would do so in London.
According to cbi.org.uk, the majority of businesses were keen to take advantage of the lower running costs of commercial properties outside of the capital. Respondents also frequently named better residential housing markets and travel as reasons for looking elsewhere.
High operating costs have been cited as the main concern of doing business in London amongst the survey’s respondents for the last three years. Nevertheless, more than nine out of ten of those questioned rated the capital as a “good” or “very good” place to do business overall.
In an interview with bbc.co.uk, CBI London director Sara Parker challenged local politicians to do what they could to make London a better place to invest in office space.
She said: “It’s encouraging that more London firms plan to expand but worrying that fewer expect to do so in the capital. This is a wake-up call. We need to make sure that London does not lose ground to global rivals.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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