Even With Brexit, Opportunities for Global Companies in the UK

Posted by: Irina Ashkenazy on Sunday, October 16, 2016

Global Chamber London is helping companies grow within the U.K. and into Europe despite Brexit. In recent days we've seen further realization of the negative impact expected from the decision to leave the E.U.

Yet there are a continuing number of factors that still make London a leading destination for companies developing their Global business. Here is overview:

·      The UK is the tenth-largest exporter in goods and the sixth-largest importer in the World.

·      The service sector dominates the UK economy, contributing around 78% of GDP, the financial services industry is the most important.

·      The UK is the second biggest exporter of services in the World just after the US.

·      Britain's aerospace industry is the second-largest national aerospace industry.

·       Its pharmaceutical industry plays an important role and the UK has the third-highest share of global pharmaceutical research and development. 

·       London is the largest city by GDP in Europe.

·      Home to Europe’s number one city for business: London is the world's leading financial services center.

·      It's the easiest place to set up and run a business in Europe. It takes just 6 days to set up a business in UK - top 3 in Europe.

·      Low tax rate environment for foreign investors: The flat corporate rate at 20 per cent, below most of the UK’s core competitors. The UK has reduced its corporate tax rate from over 50% in the early 1980s down to one of the lowest in the industrialized world.

·      One of the most flexible labor markets in Europe: The World Bank ranks the UK the second best place in Europe to employ workers, just behind Denmark.

·      World leader in innovation: The UK is one of the most productive places for innovation firms in the world, ranking second only to the USA for the quality of its research base. 

·      One of the most stable political environments to do business: According to Transparency International, the UK is one of the most transparent (least corrupt) countries in the world. It has a higher rating than France, USA and Japan. 

·      One of the easiest countries to register a property.

·      Speaking in the international language of business: operating in English gives firms in the UK a natural advantage when communicating globally. 

·      Progressive communications network: The UK has the most extensive broadband market among the G7 countries and one of the strongest ICT infrastructures in the world. 

 

Why should you consider doing business with the UK after the Brexit vote? After all - many reasons why global companies locate in London is for access to the European Union. And so there is much to be worked on to keep global companies in London. We'll see.

There is an uncertainty in society and the government about how Brexit will affect British economy. Some experts are more optimistic and believe that in long term run the British economy will benefit from the Brexit. Sterling’s depreciation (15%) makes British export more competitive on the Global market.

The British economy is one of the largest and most attractive in the Global Market.

Global Chamber is here to navigate you through new opportunities. The opportunities are very specific... and we help every day.

Irina Ashkenazy

Email irina@globalchamber.org

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