As the UK continues to build international trade deals and investment opportunities, mid-market businesses in Yorkshire 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, over half of business leaders in Yorkshire (54%) said that Brand Britain is helpful to UK firms when trading internationally.
This confidence in the nation’s reputation overseas may be explained by the fact that over half (54%) of the region’s business leaders believe the Yorkshire has an effective and consistent strategy to attract global investments.
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. 60% agreed that hosting international events, such as this week’s Eurovision, will give Brand Britain a global boost.
The positive view of Brand Britain aligns with the fact that businesses have international growth high on their agenda. In the survey, 62% of respondents in Yorkshire said they are planning to invest either more or the same in international growth over the next six months.
Andy Wood, practice leader for Grant Thornton UK LLP in Yorkshire, said: “The appeal of Brand Britain has always been strong and it’s great to see that Yorkshire business leaders recognise it as a strong card they can play to achieve international growth. While not taking place in our region, events like Eurovision really help draw attention to the UK and provide an opportunity to showcase the nation’s capabilities on a global stage.
“In addition to the national branding bonus, there’s a lot of compelling reasons to look overseas for opportunities. Britain’s underwhelming economic forecasts means foreign markets look extra appealing, and companies can enjoy support from trade associations, local Chambers of Trade and the government. Looking further forward, developments such as the Windsor framework and potential new trade deals makes exporting even more appealing.
“That’s not to say that international expansion is easy, as it involves a lot of careful planning to navigate customs and trade agreements. It’s important to understand these complexities and to 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.”
