Here’s a question: We all know that London is the cash richest city in England, but where do you think comes second? Birmingham, Manchester, maybe Leeds? The answer is surprising. It’s York.
DueDil, a private company information platform, conducted a study into which city has the largest share of the UK’s cash by looking into the amount of cash in unconsolidated business accounts across the country.
London was way ahead of any other city with £275bn in business accounts, but York was second with £13bn. It was followed by Manchester in third place with £10bn, Birmingham in fourth place with £6bn, Coventry in fifth place with £5bn and Bristol in sixth place with £4bn. Leeds came in seventh place with £3.3bn.
In total, there is a staggering total of £366bn sitting in business accounts across the UK. Overall, the sum of cash conserved by UK businesses has increased by £62bn from the previous year, a 17 per cent rise. DueDil said this may be down to companies choosing to keep more money in their reserves as a precautionary measure to safeguard their organisation from financial turmoil as Brexit uncertainty persists.
In terms of Yorkshire, Sheffield came in third place after York and Leeds, with £1.5bn in cash. Bradford was fourth with £1bn, Hull was fifth with £294m, Wakefield was sixth with £261m and Ripon was seventh with £40m.
So why was York at the top of the region? While it houses Yorkshire’s biggest Plc, housebuilder Persimmon, the real reason for York’s riches is insurance giant Aviva. York-based Aviva Life & Pensions UK is the fifth richest company in the UK with £9.9bn in available funds.
Three other Aviva subsidiaries appear in the top five in York. Aviva Annuity UK has 2.3bn, Aviva Erfa 15 UK has 252m and Aviva Life Services UK has 73m.
In fourth place in the York table came the East Coast Main Line Company (trading as Virgin Trains East Coast) with £94m in the bank.
Out of all UK regions, Yorkshire has 19.4bn in cash making it the second richest region in England after London.
DueDil said Yorkshire has more in available funds than the North West and North East of England combined.
From high fashion retailer Asos to insurance giant Aviva, from high street favourite Marks & Spencer to Virgin Trains, many firms with headquarters outside Yorkshire have chosen to base important operations in the county.
They have realised that by setting up businesses in the region, they can tap into the talent and opportunity that Yorkshire offers.