Edinburgh, Manchester and Bristol have emerged because the UK’s main regional powerhouses for high-growth tech companies, in accordance with the most recent Tech within the UK 2024 report from Barclays Eagle Labs.
The report supplies an in-depth have a look at the regional unfold of scale-ups, spinouts, and different fast-growing tech companies throughout the UK, measuring their financial contribution utilizing Gross Worth Added (GVA). The findings underline how vibrant native entrepreneurial ecosystems are driving development outdoors the capital.
Areas with greater than 100 high-growth corporations delivered a mean GVA of £294,000 per enterprise — greater than ten occasions that of areas with fewer than 100 such companies, which recorded simply £27,500. Among the many standout areas, Manchester led with a staggering £30 billion contribution to the native financial system in 2022 alone.
Edinburgh, a thriving hub for innovation
Scotland’s capital is now residence to over 450 high-growth tech companies. In response to Barclays, the town’s success is partly pushed by the efforts of Scottish Enterprise in serving to commercialise college analysis and help tutorial carve-outs. Between 2020 and 2024, 198 offers have been signed within the area, reflecting the power of Edinburgh’s innovation infrastructure.
Bristol and the rise of ‘Silicon Gorge’
Bristol’s deeptech cluster continues to thrive, bolstered by shut collaboration between universities and analysis hubs such because the Brunel Centre — a joint knowledge initiative from the College of Bathtub and UWE. Funding within the space rose 10% to £167 million final 12 months, with the broader “Silicon Gorge” hall now encompassing Bristol, Gloucester and Swindon.
Cambridge and Leeds showcase completely different development fashions
Though Cambridge and Leeds each host round 280 high-growth corporations, the affect per pound spent varies considerably. In Cambridge, each £1 generated £8 in financial worth, whereas in Leeds, the broader trade combine meant companies contributed 4 occasions the affect. Regardless of Cambridge attracting over £500 million in funding final 12 months, your complete Yorkshire and Humber area — together with Leeds — acquired £179 million, highlighting the necessity for extra focused funding in northern innovation hubs.
Regardless of their potential, high-growth companies proceed to quote entry to finance as a serious barrier. Though 68% of surveyed enterprise leaders say they’re conscious of related funding choices, navigating the monetary panorama stays complicated.
Hannah Bernard, Head of Enterprise Banking at Barclays, stated: “Our Tech in the UK report drives home the importance of high-growth tech companies to the regions and communities in which they’re based. Investing in and growing tech businesses has massive economic potential for the UK. But access to finance is about more than capital — it’s about providing the right tools, networks and guidance. That’s why Barclays has committed £22 billion through our Business Prosperity Fund to help support growth at every stage.”
Barclays Eagle Labs, one of many UK’s largest tech entrepreneurial networks, has now supported over 17,000 companies via mentoring, funding entry, and ecosystem help.
Expertise Minister Baroness Jones praised the findings, saying: “A thriving technology sector is key to delivering our mission of secure and sustainable growth. Regional tech hubs are at the heart of this progress — fuelling innovation, creating jobs, and delivering lasting economic benefits to communities across the UK. As this research shows, our world-class universities and pioneering entrepreneurs are driving this progress, and we are committed to supporting their success.”
With high-growth companies persevering with to drive productiveness, innovation and job creation outdoors London, the report reinforces the rising significance of regional tech ecosystems in shaping the UK’s financial future.
