Over a third of UK small business owners would be tempted to relocate their business in order to lower costs, according to new research.
750 owners and managing directors were surveyed by Make It Cheaper, with the regions being ordered in how expensive they were according to the SME Business Cost Index.
Wales was revealed to be the cheapest region for businesses, standing at 4% lower than the national average. The North East and Yorkshire and Humber were 3.8% and 3.5% lower respectively.
London, unsurprisingly, is the most costly, 16% higher than average. Yet in terms of businesses emerging across the UK, London is where the most are beginning.
There were 12 news businesses being ‘born’ for every 100 that already exist in London, which translates to a business birth rate of 12.6%. Yet in Wales, the cheapest region, this rate was just 9.1%.
The fact that so many companies are considering relocation shows the lengths that some will go to in order to cut costs and be able to continue trading, with cost pressures only set to increase in the foreseeable future.
More and more businesses are turning to business finance solutions like invoice factoring or invoice discounting as their banks become more and more strict with their lending.