Reading, situated in Berkshire, is predicted to become the fastest growing city in the South East of England. It is a cluster for professional services and Information and Communications Technology (ICT) sectors. Reading is also one of the largest insurance and business service centres in the UK.
Economic Vibrancy
Reading is a town with a rich history, Jane Austen attended the boarding school in Reading in 1785. Between the 1700 and 1800s, Reading grew into a thriving market town and became an important centre of trade and commerce. It was known for three main businesses: beer, bulbs and biscuits.
Since then, the City has transformed into the UK’s own silicon hub, it is the fast-growing city in the South East, with an anticipated annual GVA growth of 2.5% between 2024 and 2027 [1]. Employment is also expected to rise, largely driven by high-growth sectors such as professional services and ICT.
The town has attracted global giants such as Microsoft and Oracle. In the DEMOS-PWC Good Growth for Cities Index, Reading ranks among the top 5 UK cities for economic growth and in the top 10 for business numbers and private sector jobs. [2]
Strategic Infrastructure Investment
Reading Borough Council is set to enhance the town’s infrastructure with an £8 million investment in highways. This initiative will improve residential roads and critical major roads. Additionally, the City will benefit from £7.726 million in Department for Transport funding, reallocated from the HS2 budget, for road resurfacing, and a £4 million investment over two years to upgrade bridges and structures. [3]
Education and Innovation
The University of Reading, along with Reading College, forms the backbone of the town’s educational framework. The university is known for its multidisciplinary research, it comprises over 50 research centres excelling in fields: agriculture, meteorology, physical sciences and European history. The presence of these institutions ensures a highly skilled workforce, contributing to Reading’s innovative and entrepreneurial environment.
Championing Sustainability
Reading declared a climate emergency in February 2019, with a goal to achieve net zero carbon emissions by 2030.
Initiatives to support local businesses can be found through READINGCAN (Climate Action Network) which offer grants of up to £5,000 for SMEs looking to improve energy efficiency. The Low Carbon Workspaces programme supports small and medium-sized enterprises in reducing their carbon footprint, covering up to a third of the cost of energy efficiency projects.
Innovation Hub for Entrepreneurs
Based on The Great British Enterprise report (2024), Reading is the number one place to start and grow a business in the UK. A number of factors were assessed in the study, including innovation, skills, sustainability and technology.
Four of the six indicators ranked Reading in the top five:
- Over 50% of the population are highly skilled with a NVQ level 4 qualification or higher;
- It has a high rate of startups and existing businesses including 11,000 digital and technology firms covering a range of sectors including AI and Fintech;
- It is an ethnically diverse location, greater population diversity has a positive effect on entrepreneurship. [4]
“It is vital that local authorities like ours work with the business community to help create the best possible environment for small businesses to grow and to enable enterprising people of all backgrounds to be able to recognise their potential.” said Jason Brock, leader of Reading Borough Council.
Support for Local Businesses
REDA, Reading Economy and Destination Agency was formerly known as Reading UK. REDA is a private and public sector partnership, providing leadership, coordination and delivery. A part of their role is to attract inward investment and they offer support to local businesses.
Berkshire Growth Hub provides business advice and supports growth of small and medium enterprises in Berkshire. They offer a 1-2-1 service and will connect you to business mentors.
University of Reading – The University of Reading is home to Henley Business School and ICMA. The university supports local businesses through its Knowledge Transfer Partnership, Intern Scheme and Graduate programmes.
Thames Valley Chamber of Commerce is a membership organisation providing opportunities for the Thames Valley business community. Expect to access networking opportunities, advice and international trade services.
Success Stories
Altitude Angel is an aviation tech company founded in 2014, Altitude Angel provides solutions for fully automated aircraft, enabling drone operators and manufacturers to access real-time airspace data.
KYMIRA Sport was founded in 2013 and produces infrared sportswear that enhances performance and accelerates recovery. Their products are used by athletes and medical institutions worldwide.
TrustID specialises in digital identity verification and offers services to protect against fraud and ensure compliance with regulations such as Right to Work, Right to Rent, and Anti-Money Laundering.
Why Choose Reading?
It’s the number one place in the UK to start a business! Need we say more.
The Reading region has a dynamic and thriving business community, the town is strategically positioned with excellent transport links, a world-class university, and a growing economy.
Home to global enterprises such as PepsiCo, as well as a multitude of SMEs and startups. No doubt that businesses based here will benefit from a vibrant ecosystem and access to world class facilities.
References
[2] https://www.reading.gov.uk/about-reading/profile-of-reading/
[3] https://www.highwaysindustry.com/reading-borough-council-highways-investment/
