Burnley in top 10 nationally for high growth SMEs

In a report released today, by the UK’s top economic think tank, Centre for Cities, Burnley was ranked eighth in the UK for the high growth prospects for its small and medium sized businesses and identified as an area where firms are driving economic recovery

The Centre for Cities ‘Small Business Outlook 2014’ report said the UK economy is finally in recovery after the longest and deepest recession in peacetime history.

Growth has accelerated in the UK and it is a fantastic achievement for Burnley to feature in the top 10 of the SMEs high growth list, and one of only two cities in the North West in the top 10.

Burnley has been working hard in recent years to transform its economic infrastructure and to grow the economy through close working partnerships with the private sector and these statistics show the hard work is paying off.

This result also means projected jobs growth for the town. Areas with good high growth strategies have a higher proportion of businesses expanding who are likely to be more proactive in the jobs recruitment market, an excellent jobs growth indicator for Burnley.

Burnley Council’s chief executive, Steve Rumbelow said: “UK plc is getting back to a period of steady economic growth – back to normal. It may not feel like it but it is the last few years of deep recession which are abnormal!

“Small businesses are the engines of growth and it is clear from this report that Burnley’s SMEs are going for growth. This is the platform for Burnley to continue its growth trajectory in the long term.”

Council leader, Mark Townsend, said: “This is more good news for Burnley. To be spoken about in the same breath as economic powerhouses such as Cambridge and Edinburgh shows how far Burnley’s economy has come. We continue to punch above our weight in so many ways and our small businesses are no exception to that.

“With Burnley’s recent launch of several new business parks, Burnley Bridge Business Park, Vision Park Burnley Knowledge Quarter, and OnTheBanks, Burnley can offer the sites for our business growth and a positive business support environment for relocating business to grow here.”

Alexandra Jones, chief executive of Centre for Cities, said: “Hot on the heels of Burnley winning the Most Enterprising Area in the UK award, it didn’t surprise me to see that Burnley had performed very well in the latest Small Business Outlook Report. Burnley is one of the top ten cities with the highest proportion of SMEs pursuing ‘high growth’ strategies and this is an enormous achievement. “High performance firms in Burnley are playing an important role in the UK’s economic recovery and creating jobs in their local communities.”