Member Article

Embracing Global Britain means millions more jobs, higher wages and increased exports, says new report

A total of 5.5m new export-supporting jobs, workers earning more than £2,000 a year extra on average, significantly more exports, more research & development and a range of other benefits are the ‘size of the prize’ if we truly embrace Global Britain.

That’s the finding of a new report by the Global Britain Commission, a group of leading businesses working together to model the benefits of embracing a new global outlook for our economy. Leading figures from businesses including Forth Ports, Coutts, UK Finance, Heathrow, EY, Mace, Rolls Royce and Virgin Atlantic are behind the findings.

The first report of the Global Britain Commission,Global Britain and Why It Matters, out today [Wednesday 9th February] sets out how the right conditions for trade and investment in Britain could lead to the following benefits:

Raising per capita exports of goods and services to the level of Germany would mean an additional £474bn of UK exports annually.

This £474bn export boost could create up to 5.5 million export-supporting jobs. Jobs which are 7% higher paying than the UK average.

This means that a worker in an export-supporting role can expect an average salary of £33,475, compared to the national average of £31,285 - that’s a potential pay rise of £2,190. This would be hugely welcome to so many workers with the pressures on the cost of living.

An extra £61bn or £57bn of R&D investment could be achieved if UK per capita R&D investment can be raised to the level of South Korea and the United States, respectively. Increasing R&D investment to the rate of South Korea or the United States could create up to 1.2 million R&D-related jobs.

Venture capital investment in the UK lags significantly behind the United States. Raising the UK’s per capita investment level to that of the United States would be equivalent to an additional £19bn of VC investment annually.

The report sets out what Global Britain means for business in the UK and why it matters as both a policy and economic agenda. For business: ‘Global Britain focuses on the UK’s strengths to help open new markets for UK goods and services, attract investment, innovate, increase our prosperity and effectively connect with and compete on the global stage whilst ensuring an open and competitive business environment at home.’

Welcoming the findings of the new report, Global Britain Commission Chairman Rt Hon Dr Liam Fox, said: “What is abundantly clear is that the right focus on a truly Global Britain can reap huge economic benefits for everyone in the UK. Post-Brexit, there is a new trading reality, and British and global businesses can grasp these new opportunities to the benefit of the economy, business and workers.”

Global Britain Commissioner John Holland-Kaye, CEO of Heathrow, added: “This report is a hugely important one for the future of our country. From Heathrow’s perspective, Global Britain is all about connecting passengers and products with the whole world, and all of the benefits that brings to our economy and our communities.”

This was posted in Bdaily's Members' News section by AmbitionPR .