A recent Forbes article cited the UK as the top country for business in 2018, but what has given it that title? We’ve taken a look at some of the factors, that we think make the UK a prime place to do business in during 2018.
Economic growth continued to rise in 2017 and Britain’s business climate remains appealing to the world. Despite the uncertainty of Brexit, the UK ranked among the top 25 countries in each of the 15-metrics that were tracked in the Forbes survey. This saw the UK jump from fifth place in 2016, up to first in 2017.
And this success hasn’t gone unnoticed, with American companies flocking across the Atlantic. Both Wells Fargo and Apple have moved to London since the Brexit vote in June 2016. Financial company Wells Fargo shelled out $400 million to buy a new European headquarters in London's financial district, which is home to HSBC, Prudential, and Barclays. Similarly, Apple announced plans to open a new London campus covering nearly 500,000 square feet of space in 2021.
But why did they decide to cross the pond? It could be down to the UK’s $2.6 trillion economy which ranks the fifth largest in the world.
London based research institute, the Legatum Institute, released its 11th annual global Prosperity Index which compares 149 countries that have the most available data. One of the big components of the ranking is the strength of a country's economy.
The UK came in seventh place and cements its place as a global economic powerhouse. It climbed three places compared to the 2016 Index. With the UK’s close ties to Europe, and the convenience of the location, European countries are also a popular place to do business, and the UK is an ideal place to be based. Austria, Luxembourg, Germany, Norway, Switzerland, Denmark, the Netherlands, and Sweden featured in the Index’s top 13 countries.
If you’re looking for a business hub outside of London, a report has revealed that Cambridge had the fastest-growing city economy in the UK across the third quarter of 2017. Cambridge’s Gross Value Added (GVA) growth rate during the quarter was 2.2% and it’s not the only university city that is attractive to businesses.
It’s been predicted that Oxford will come in second place with a growth rate of 1.99%. Both Cambridge and Oxford are expected to thrive throughout 2018 and both are ideally located as they’re near the capital.
The UK has been discussing trade deals with the European Union in Brussels in 2017 in order to put a plan in place for when the UK leaves the bloc in 2019. There has, however, been plenty of positives in 2017.
UK exports have soared since Brexit which has helped to close Britain’s trade deficit. The difference between imports and exports has been reduced by £2.1billion in the three months to November 2017, and stands at £6.2billion.
The Office for National Statistics (ONS) UK Index of Production rose by 1.2 percent during the period, compared with the three months to August 2017. The Index measures the volume of production at base year prices for the manufacturing, mining and quarrying, energy supply, and water and waste management industries.
Construction output increased by 0.4% month-on-month in November 2017 and there was strong growth in manufacturing in the three months to November 2017, as it rose by 3.9 percent. Machinery and equipment and renewable energy equipment, increased by 5.6 percent.
So, there we have it. Just a few of the reasons that make the UK a perfect place to do business in 2018. Find out more about how SquareOne could help you do business in the UK by visiting our website: http://www.squareone.us.com/, emailing us on firstname.lastname@example.org or for all the latest news and updated follow us on LinkedIn and Twitter.