New research from accounting giant PwC has revealed that the UK has moved up one place and is now the third most important country for growth among global CEOs, joint with Germany, and behind only the US and China. PwC’s survey showed that, ‘Over the last couple of years the UK has become increasingly important to global CEOs looking to grow their revenue – in 2020 only 9% selected the UK compared to 18% who selected it in 2023.
Kevin Ellis, Chairman and Senior Partner at PwC UK, said, “CEOs don’t expand and invest on a whim – they’re choosing the UK as that’s where they expect to see returns. That choice will be based on sector strengths in areas like AI and biotech, alongside our people-first, business-friendly environment. To keep the UK attractive, we need renewed focus on skills and regional growth – both of which will help unlock productivity.”
The PwC research confirms what we already know. Despite the challenging economic environment, the UK is still exceptionally popular among foreign buisnesses as a place to set up and invest.
“The strength of the UK’s fundamentals – the workforce, the legal system, business-friendly regulation – remains unchanged so it’s good to see that the data is reflecting that.”
However, there’s no doubt that UK businesses face challenges. PwC reports that in the UK, only 21% of CEOs expect the global economy to improve over the next 12 months, down from 82% last year. The report goes on, “Interestingly, UK CEOs are generally more optimistic than their global counterparts – only 4% expect the economy to decline significantly, compared to three times as many (12%) global CEOs who say the same. Some 73% of global CEOs believe global growth will decline in the next 12 months – the most pessimistic outlook since this question was first asked 12 years ago.”
Whatever your growth vision, setting up in the UK can be made a lot easier by sourcing the right advice. We’re right here for all your needs, and you can contact us for help and support in a number of areas, from tax and payroll to accounting and banking.