Are there any key economic opportunities that enterprises should be aware of?
The UK is still a great place to do business. Alongside its traditional areas of strength like professional services, design and manufacturing, the country is now firmly established as a leading player in technology.
Indeed, a recent report from techUK pointed out, "UK has established itself as a leading tech economy, with a strong digital sector and globally leading research and start-up ecosystem. The tech sector is one of the UK's modern economic success stories, with its contribution to the economy rising over 25% between 2010 and 2019, and now adding over £150 billion. This makes it one of the country's most valuable economic assets and the leading tech sector in Europe."
Young and growing companies in tech and beyond should also benefit from the UK's recent accession to Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which represents Britain's biggest trade deal since leaving the EU, cutting tariffs for UK exporters to a group of nations which – with UK accession – will have a combined gross domestic product (GDP) of £12 trillion, accounting for 15 per cent of global GDP, according to officials. Britain is the first new member and first European nation to join the bloc – comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – since its formation in 2018.
So the growth potential is there, whether your business is a start-up, a JV or a more established firm looking to take the next step.
Originally published October 22, 2023
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