The Tech in the UK 2024 report from Barclays Eagle Labs shows where high-growth businesses (such as scaleups and academic spin-outs) are concentrated outside London, highlighting how these are contributing to their local economy. It uses Gross Value Added (GVA) as a comparable measure of the economic contribution of businesses to these regions.

The report shows that local areas with 100+ high-growth companies boast an average Gross Value Added (GVA) per business of £294k, compared to just £27.5k for those with less than 100. Manchester benefits the most from its businesses, which contributed £30 billion to the area in 2022.

Edinburgh is home to 450+ high-growth tech companies, where Scottish Enterprise plays a key role in commercialising research for carve outs. There were 198 deals signed between 2020-24.

Bristol also benefits from efforts between universities, such as Brunel Centre, a joint data hub between the University of Bath and UWE. Last year investment was up 10% at £167 million, with Bristol’s wider deeptech cluster “Silicon Gorge” now spanning Bristol, Gloucester, and Swindon. 

However, boosting local economies isn’t simply down to higher numbers. Cambridge and Leeds are each home to 280 high-growth companies – in Cambridge, whilst every £1 spent by businesses contributed to £8 of economic impact, businesses in Leeds contributed quadruple the impact due to its broader base of industries.

Investment in Cambridge last year passed half a billion, whilst the wider Yorkshire and Humber region (with Leeds) received just £179 million. Continuing to invest in diverse economic hubs across the North of England can be seen as a priority on this basis.

Access to finance remains key for these high growth businesses across the UK, although almost seven in 10 (68%) report they are aware of all the financing options relevant to them.

Hannah Bernard, Head of Business Banking at Barclays, said: “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 masses of economic potential for the UK, however, in order to grow it’s clear that access to finance remains front of mind for these businesses.

“Barclays has committed £22 billion of funding through our Business Prosperity Fund to ensure businesses have tailored financial solutions that support growth at every stage. But access to finance is about more than just capital – it’s about providing the tools, resources, and expertise to navigate the funding landscape. As one of the UK’s largest tech entrepreneurial networks, Barclays Eagle Labs is proud to have helped over 17,000 businesses through our ecosystem support.”

Technology Minister Baroness Jones said: “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 working with them to create new industries, transform existing ones, and boost productivity.”