Reading: the commercial capital of the south?
Christopher Avery, head of the Reading office of national law firm Gateley plc, explores Reading as the commercial capital of the south detailing how the tech industry has continued to expand across the region and how the town has rapidly become a haven for international businesses, despite the disruptions of Brexit and the impending general election.
It’s clear to say that outside London, Reading has become the centre for businesses in the south – the commercial capital of the south if you like. Its strong transport network with the M4 corridor, Heathrow and reliable, ever-evolving rail links makes it a great connection hub between the Midlands and London. It has quickly become a prime location for businesses to plant their feet and focus on what’s important to them – generating more business of course.
There is an array of both UK and international businesses that are now headquartered in Reading, demonstrating that it’s a place for commercial growth and expansion.
The UK’s Silicon Valley
Technology is fluid, versatile and constantly evolving to meet the demands of a hungry market. It’s vital that businesses are on board with the latest and greatest to support their workforce and enable smoother transactions and meet client requirements. Often referred to as the UK’s Silicon Valley, the Thames Valley area has a strong technology presence with the likes of Microsoft, Oracle and Cisco and many more having offices in the surrounding areas, making it a prime location for all things tech.
Specifically in the financial services industry, technological developments have evolved over the past few years, which have been seen as a disrupter and yet a complement to existing bank models. Financial technology or ‘Fintech’ explores the development and introduction of innovative technological solutions within the finance industry, allowing finance businesses to compete in the marketplace using the technology resources available to them. As Patrick Schueffel defines it: “Fintech is a new financial industry that applies technology to improve financial activities”.*
On the other hand regulatory technology or ‘RegTech’ is the use of technology within the finance industry for reporting and regulatory monitoring. Businesses such as Percentile are helping capital market firms better understand regulatory requirements around regulation such as Basel III and stress testing. These opportunities are helping the UK lead the way in this sector and it is clear that regulation is being pulled firmly into the 21st century. Where regulation is usually reactive to problems facing an industry, it is hoped that RegTech solutions will help regulators and other market players alike to be proactive in their approach to managing and developing the marketplace in a safe manner.
Businesses need to up their game with technology, especially if they’re based in the Thames Valley area – it’s time to get wise and get your business running to the best of its ability.
Open arms for international relations
Despite the fears that come with Brexit, international business in the region is still very much moving forward at a pace and with Heathrow merely a few miles away, again, it’s the perfect location for starting up and doing business with the UK market. The FDi ranked Reading in the top 25 European cities for the future, which demonstrates that it’s of interest to the international market and there’s room for plenty of progression.
Joint first place with Oxford, Reading tops the PwC Good Growth Index 2016 as the leading UK city for economic success and well-being. For the past two years Reading has been voted the second most prosperous place to live in the UK (Barclays Wealth Report 2016). As well as this, 29% of employers in the region have cited that they employ non-EU citizens, which is the highest figure in the UK (Tech City, Tech Nation 2016 annual report).
Conclusively, Reading provides a wealth of opportunities both nationally and internationally for business and the economy.
Gateley is proud to be based at the heart of such a city to support and provide clear, commercial legal advice to the regional business community.
* Schueffel, Patrick (2016). “Taming the Beast: A Scientific Definition of Fintech”. Journal of Innovation Management. 4 (4): 45.
