Islington has come top of a list of the best places in Britain for entrepreneurs to live and work.
The London borough has become a hub for the digital and creative industries in recent years, and the area’s startup scene continues to flourish.
A study from the Centre for Economics and Business Research (CEBR) and wealth management firm Kleinwort Hambros found that Islington’s highly educated workforce and strong digital infrastructure contributed to its success for entrepreneurs.
The London borough includes parts of Shoreditch, an area where creative startups have flourished, as well as the Old Street roundabout – dubbed the “Silicon Roundabout” due to the high number of tech startups based there.
As well as Islington, three other London boroughs featured in the study’s top ten list of best places for UK entrepreneurs. Wandsworth, Camden and Tower Hamlets were all included.
Commenting on the importance of Britain’s capital city for new business owners, head of entrepreneurs at Kleinwort Hambros, Paul Bentley, said: “London is one of the most important employers in the country.
“High levels of productivity and high employment mean that startups can easily tap into a large pool of skilled workers – this is essential input for any small business looking to grow, which is why London boroughs score so highly.”
Despite its popularity with startups, the number of entrepreneurs choosing to set up shop in Islington’s Silicon Roundabout has been shown to have fallen this year, as rising rents push new businesses away from the area.
According to the latest data from UHY Hacker Young, the number of startups based near the Old Street roundabout dropped from 10,280 to just 3,070 between March 2015 and March 2016.
Sign up to our newsletter to get the latest from Business Advice.