Author Paul Beare
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The UK is unique in its position as a globally-focused economy. The existing ties between the country and the US and Europe are obviously well known, but the links that exist between the UK and emerging markets across the world are a source of real strength.
Since Brexit, the government has aimed to strengthen those ties by agreeing on a series of Free Trade Agreements (FTAs). Some are easier than others – the FTA with India, for instance, recently entered its 10th round of talks – but there’s no doubt that the open nature of the UK’s economy makes it an exceptionally attractive place to do business.
And the reasons for that are many and varied: for a start, London remains the world’s pre-eminent financial centre, and as such draws in so much capital and talent from around the world. Then, our University sector is probably the best in Europe, which means R&D and innovation continue to flourish, once talent is combined with investment. And of course, it goes without saying that the professional services sector in the UK is second to none, from the Big Four accounting firms and Magic Circle law practices to the specialist advisory and consulting space – whatever you need, you’ll find a professional adviser ready to help.
I’d say the final reason is the unique position the UK enjoys as a special and historic trading partner with so much of the world. The US, India, Australia, Europe, Africa and even China all count the UK as a Top 5 trading partner, and as such has well-established business networks across the world that naturally include advisors that understand overseas markets and how to navigate them.
Of course, there are challenges, both short and long-term. In the short term, we’re enduring high inflation and sluggish growth as a result of both global and domestic developments. In the longer term, there’s no doubt that the impact of Brexit will continue to be felt over the next few years. As to the scale and nature of that impact, well, it’s too soon to tell.