UK jumps into top three countries for growth: PwC
THE UK has become the third-most important country in the world for chief executives trying to expand their businesses, a prominent survey by PricewaterhouseCoopers (PwC) showed.
It was the first time the UK broke into the top three in the poll, which was released on Monday (Jan 16) to mark the start of the World Economic Forum in Davos.
The 26th annual poll of business leaders found that the UK was ranked behind only the US and China, and equal with Germany. It cited the UK’s strengths in technological sectors and underlying business-friendly conditions.
This was despite the survey being conducted in October and November, shortly after the pound and UK gilts had been hammered by investors following a botched budget from Kwasi Kwarteng, Chancellor of the Exchequer at the time.
PwC found that 18 per cent of the chief executive officers (CEOs) surveyed said the UK was important to revenue growth. This was double the proportion who said this in 2020.
“CEOs don’t expand and invest on a whim – they’re choosing the UK as that’s where they expect to see returns,” said Kevin Ellis, PwC’s chairman and senior partner in the UK.
“That choice will be based on sector strengths in areas like artificial intelligence and biotech, alongside our people-first, business-friendly environment.”
British bosses were also more confident than average for their companies’ revenue prospects. Nearly half – 48 per cent – said they were very or extremely confident about sales prospects for the next year, compared to 42 per cent of global CEOs. BLOOMBERG
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