Partner Article

Businesses believe in ‘Brand Britain’

As the UK continues to build international trade deals and investment opportunities, mid-market businesses in the Thames Valley region confirm that they are confident in the international appeal of British products and services.

In Grant Thornton UK LLP’s latest Business Outlook Tracker* survey, more than half (56%) of the region’s business leaders said that Brand Britain is helpful to UK firms when trading internationally and only 8% disagreed.

The survey showed that Britain’s ability to host large events with global audiences has helped give the nation a strong brand among international markets. 83% agreed that hosting international events, such as this week’s Eurovision, give Brand Britain a global boost.

This confidence in the nation’s reputation overseas may be explained by the fact that 63% of the region’s business leaders believe the Thames Valley area has an effective and consistent strategy to attract global investments.

Alongside notable events and regional strategies, domestic politics has inevitably influenced how the UK is viewed in other countries. When questioned about the impact of Brexit, almost two thirds (60%) agreed that it had strengthened Brand Britain.

The positive view of British products and services aligns with the fact that businesses have international growth high on their agenda. In the survey, 75% of respondents in the Thames Valley said they would invest either more or the same in international growth over the next six months.

Norman Armstrong, practice leader for Grant Thornton in the Thames Valley and Southampton, said: “The appeal of Brand Britain has always been strong and Thames Valley business leaders recognise that it’s a strong card they can play to achieve international growth. Events like Eurovision are great for drawing attention to the UK and provide an opportunity to showcase the nation’s capabilities on a global stage. While not taking place in our region, the Thames Valley has many multinational companies that will relish the prospect of consumers and investors turning their eyes to our shores this weekend.

“In addition to the national branding bonus, there’s a lot of compelling reasons to look overseas right now. Britain’s underwhelming economic forecasts means foreign markets are extra appealing, and companies can enjoy support from trade associations, local Chambers of Trade and the government. However, international expansion isn’t easy and involves a lot of careful planning to navigate customs and trade agreements. It’s therefore important to understand these complexities and have the right information, structures and support in place. At Grant Thornton, our international network of member firms means we’re well placed to provide local guidance and valuable market insights.”

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