The KDB Annual Survey of UK Company Directors 2008 has revealed that a growing number of company directors are choosing to live outside the capital and the South East, and “a gradual migration of company directors from the South of England, to more northerly regions, as well as Scotland and Wales”.

Matthew Boot, KDB’s chief analyst noted that: “the density of company directors in each locality provides us with an effective proxy and map of entrepreneurial and wealth-creating Britain”. He added that as this map changes, so too will the character of local markets.

The 2.83 million company directors in the UK make a disproportionate contribution to both local and national economies. Despite making up just 6 percent of the adult population, they contribute a third of income tax revenue and over £5.7bn in Council Tax. As a result, they serve as a strong indication of the vitality of the local economies.

London still has the highest number of directors in the country (10.4%), with the south east seeing the biggest fall (8.1%). The South Coast, East Anglia and South West all dropped 6.4%, 5.5% and 5.7% respectively.

In contrast, the North East, North West, Midlands, Wales and Scotland all so their proportions grow by 4.2%, 5.1%, 5.2%, 3.9% and 4% respectively.

Some of the UK’s largest cities, Birmingham (5.3%), Edinburgh (4.8%), Glasgow (3.9%), Liverpool (3.9%) and Manchester (4.5%) all reported growth; however 46 out of the 50 regions in London showed a decrease.

The reports suggests that the reason for the shift may be advertisements in “modern web and communications technology which allows people to run their businesses in virtually any location” but may also “represent a trend amongst affluent people towards putting more value on quality of life and ‘off-time’”.

As regeneration projects provide quality infrastructure and culture across the UK, the lure of the capital is diminished.

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