An east London MP hailed her “hardworking” constituents after the area emerged as one of the UK’s fastest-growing for new start-up businesses.
Tower Hamlets, Barking, Dagenham and Redbridge are reshaping the capital’s entrepreneurial map, according to GoDaddy.
All four outpaced established hotspots like Hackney due to rising housing costs, say the website builder’s experts.
GoDaddy’s Small Business Research Lab tracks the rate at which the number of small firms per 100 people increases year-on-year.
Tower Hamlets, spanning much of the East End, Brick Lane and Docklands, saw a 33 per cent rise in microbusiness density.
Last year, the borough council announced a £700,000 investment to support entrepreneurs.
London remains the UK’s most entrepreneurial city, beating Aberdeen and Coventry.
But in Hackney - known for its independent coffee shops, bars and restaurants – start-ups only increased by 16 per cent, ranking it 27th out of 32 London boroughs.
Apsana Begum, MP for Poplar and Limehouse, said: “Hardworking small business owners and workers across Tower Hamlets serve our needs and support communities every day.
“I encourage constituents and all beyond to continue to support them by shopping locally.”
Mark Dixon, founder and CEO of International Workplace Group, added: “There has been strong growth in businesses enabling their people to work closer to where they live, saving themselves time and money through reduced commuting and lower real estate costs.
“This shift is happening in towns and cities of all sizes right across the UK, including the east London boroughs of Tower Hamlets, Barking and Dagenham, and Redbridge.
“Business owners are rapidly realising the cost and productivity benefits of using a network of local workspaces as well as the work/life balance advantages for their people”
GoDaddy’s Alex Rosen said: “East London has a rich history of entrepreneurialism, from its industrial past to its current day standing as a vibrant, cultural hub.
“The GoDaddy Small Business Research Lab findings show the wave of small businesses is spreading further east, as people move from Hackney to more affordable areas to start their new ventures.
“It’s heartening to see budding entrepreneurs building businesses in these communities, as that momentum will bring new jobs and opportunities.”
