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Revealed: the best place to run a business in the UK

4 August 2020

Belfast tops the list of the best cities in the UK for running your own business, according to new research on business costs.

Utility Bidder has studied a range of common business costs - from salaries and broadband fees to office rents - to find the cheapest and the most expensive places to run a business.

In the UK, the findings show that the most affordable cities for business owners are: Belfast, Liverpool, Southampton, Glasgow, Leeds, Birmingham, Manchester, Bristol, Edinburgh and Aberdeen.

Aberdeen has the highest average annual salary at £35,000 outside London (at £37,000) while Liverpool has the lowest average salary at £26,000.

Belfast has the cheapest monthly internet cost at £28 a month, followed by Southampton and Glasgow (£29). Bristol, Edinburgh, Aberdeen and London have the highest monthly internet cost at £32.

Belfast has the cheapest average annual office cost per square foot at £34. Unsurprisingly, London has the most expensive business office occupancy costs, at an average of £113.20 per square foot.

For UK entrepreneurs thinking of expanding overseas or even relocating, the study of business costs around the world shows that the most affordable cities for businesses are: Budapest, Prague, Warsaw, Bratislava and Helsinki. Belfast comes eighth in the global list.

Office space is most affordable in Palma de Mallorca, Malaga, Valencia, Porto and Bratislava. The cheapest cities for salary are: Mexico City, Budapest, Warsaw, Porto and Prague.

Budapest offers the cheapest corporate taxes - at just 9%. But the UK's 19% corporation tax rate ensures that UK cities are in second place when it comes to low business taxes.

Overall, the most expensive cities are: San Francisco, New York, Tokyo, Boston and Geneva.

Written by Rachel Miller.

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