More flexible workspace must be found to prevent small and medium-sized businesses from quitting the capital, the London Assembly has warned. In a report published today, called Helping SMEs to thrive, the Assembly’s economy committee calls on mayor Sadiq Khan to work with local authorities to create more affordable workspaces. It says that providing targeted support to SMEs will be ‘integral’ to the continued success of London’s economy, particularly as SMEs make up more than 99% of all the firms in the capital and generate 48% of all business turnover. New SMEs are drawn to London because of the national/international connections, transport links and business environment. But London has the highest rate (10%) of all the regions in the UK for business failures, and one of the reasons why SMEs can struggle in London is the lack of affordable workspace. According to the report, 16% of industrial land in London … (To read the full article, subscribe below)

jamiehailstone
Jamie Hailstone is senior reporter - NewStart