Andy Burnham, the UK’s new prime minister, is hoping that an outpost up north will become the “nerve centre” of his effort to redistribute political and economic power. Investors should consider tagging along, as underserved opportunities exist outside London.

London companies raised £6.6bn in equity in 2024, according to the British Business Bank, more than the rest of the UK combined. The East of England, with a cluster around Cambridge, was a distant second, with £980mn. On average between 2022 and 2024, London businesses raised £289mn per 100 high‑growth firms, versus £104mn in the East of England and a mere £13mn in the East Midlands.

Equity funding matters because the few businesses that miss it are disproportionately vital to growth. Most small firms will settle for bank debt, but midsized ones need equity to leap. Recent budget boosts for the British Business Bank and a potential easing of capital rules for banks like Lloyds Banking Group could help.

Venture capital remains concentrated in London, with 45 VC offices per 100 high‑growth groups versus five elsewhere. Investors venturing north face less competition, potentially earning better returns and earning brownie points with the new PM.