Milton Keynes is named the most expensive place to run a small business outside of London, according to new research by Alliance and Leicester.
The report found that the 40-year-old ‘new town’ is the most expensive place to rent retail property space outside of London, with average annual costs of £2,500 per square metre.
‘It’s important that SMEs understand all the costs that can affect their business,’ explained Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank. ‘Our research shows that, despite its property prices and salaries being among the highest in the UK, the South East isn’t always the most expensive place to run a business, in fact there are hotspots all over the country.’
The report was not only based on the cost of retail property space, it also took into account average house prices, the cost of living and the price of utilities.
The Top Ten most expensive locations for businesses outside London are:
1. Milton Keynes
2. Cambridge
3. Oxford
4. Guildford
5. Edinburgh
6. Chelmsford
7. Reading
8. Stevenage
9. Bristol
10. Manchester
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