Peterborough named as one of top 10 best places for startup businesses
City ranked in 6th place out of 56 cities and towns
Peterborough has been named as one of the best cities in the UK for entrepreneurs to set up a business.
The city has been ranked sixth in a league table of the best places for a startup in the UK – coming in higher than both Oxford (7th) and Cambridge (8th)
Peterborough scored highly with a business startup rate of 26.46 per 10,000 residents yet its business closure rate is 7.25 per 10,000 residents.
It also found that there are 1.75 high tech firms and 4.23 high growth businesses set up per 10,000 residents.
The survey states that the city has a low economic inactivity rate.
The study was carried out for engineering components maker Accu Components and found that the best place in the UK for a startup is Luton. Milton Keynes is ranked 10th and Northampton is in 51st position. At the bottom of the table is Middlesborough.
Entrepreneur Mike Greene, chair of Peterborough and Stamford Chamber of Commerce, said: “It is not a surprise that Peterborough has been named the sixth-best city for start-ups.
"We have so much to offer - an energetic and increasingly well-educated workforce, competitive living costs (including rentals and property prices), and a growing reputation for tech innovation.
"Our fibre loop, 5G capability, and excellent communication links—both digitally and logistically—set us apart.
"Coupled with our road and train links and the city’s strategic location, Peterborough offers a unique and cost-effective environment for businesses to grow and thrive.
Mr Greene added: “While Oxford and Cambridge often attract attention due to their academic prestige and historical beauty, it’s about time cities like Peterborough received the recognition we deserve.
"Our strengths—such as our logistics network, affordability, and connectivity—make us an attractive destination for businesses and entrepreneurs. It’s great to see this being acknowledged at a national level.”
The new figures come just a month after data from the Office for National Statistics revealed that about 1,160 new businesses opened in Peterborough in 2023, down from 1,530 a year earlier.