Seems Bath accounted for 21% of all business growth in the South West between 2020 and 2021.
Research, completed by the House of Commons Library, shows that the number of businesses registered in Bath increased by 90 between 2020 and 2021. This compares to the South West where 425 new businesses in total were registered.
This means that 21% of the business growth across the region was down to local businesses in Bath. Bath achieved this despite only making up less than 2% of the population of the South West.
The UK economy has struggled in recent years, hampered by the effects of the pandemic and Brexit. The research shows encouraging signs of business growth in Bath.
This is apparently helped by the work of Bath and North East Somerset Council’s Liberal Democrat leadership who have enacted several policies to enable Bath’s economic growth. This has included its Universal Business Support service, which provides one-to-one advice to hundreds of Small and Medium Enterprises, as well as its work with local partners to bring new business premises into use.
One local business success story is Naturbeads, a spin-off business from the University of Bath which is producing biodegradable, plant-based microbeads to replace plastic alternatives in many types of cosmetics. The company has secured millions of pounds in funding from Sky Ocean ventures, Innovate UK and the Engineering and Physical Sciences Research Council.
Wera Hobhouse, Liberal Democrat MP for Bath, commented:
“I’m extremely excited by the diverse community of businesses that is growing in our city. It shows how Bath continues to punch above its weight. My Liberal Democrat colleagues at Bath and North East Somerset Council are working hard to bring growth to Bath and it’s great to see their efforts paying off.
“From the creative industries, to high-tech enterprises, to stylish high street shops, companies are increasingly seeing Bath as a great place to do business. This is thanks to the work of dozens of organisations including the Council, Bath Business Improvement District, Bath Chambers of Commerce and many more.”
Cllr Kevin Guy, Liberal Democrat Leader of Bath and North East Somerset Council added:
“Despite the challenges that we face, Bath is very much a city on the up. We are growing as an attractive destination for businesses big and small, from Hollywood blockbuster productions to the smallest of small and medium enterprises.
“I’m proud of the Council’s work in supporting this growth, but we cannot rest on our laurels. We face the national challenges of the cost of living crisis, Brexit and significant labour shortages across multiple sectors. So, we will continue to do all that we can to support businesses as they navigate this tricky time.”