Despite political rumblings, UK still a global business hub
Though the UK is currently undergoing its departure from the European Union, many sectors of British business are almost booming, seemingly impervious to the political turbulence.
UK exports have risen by £14 billion in one year, showing that Britain is hardly stalling as we teeter uncertainly towards exiting the EU.
Richard Bingley, Managing Director of GBS Global Banking School said:
“UK Plc is hardly in a gloomy place. For example, the UK technology sector alone is one of the largest and strongest business sectors on the planet, estimated to be the third biggest tech market after the US and China.”
Last week, Bank of England policy-maker, Silvana Tenreyro, predicted UK productivity growth acceleration. And the CEO at retailer Urban Outfitters said that cheaper rents are boosting many high-street margins.
With small businesses contributing £2 trillion into the UK economy every year, smaller British exporters have seen the slight weakening of the Pound as a positive. It has enabled them to be more competitive on price than their EU rivals.
Richard Bingley added:
“London was recently ranked, again, as the best city in the world to conduct business. The UK has grown slowly and steadily since the financial crisis a decade ago. What is interesting is how, for most businesses, the political turbulence in Westminster is having little effect upon levels of investment and optimism in the City of London, and the wider UK economy.
“Nevertheless, with some political studies professors predicting that the process of Brexit withdrawal might take up to a decade, this is hardly ideal and, at some point, the political uncertainty might begin to seriously hit several key sectors of the UK economy”.