As the dust settles on what was an emphatic Conservative victory in December’s general election, 2020 has already seen a slew of fresh data that suggests the UK economy is set for a good year.
A recent piece in The Times summarized a number of new reports, from the IMF among others, suggesting that the UK will grow faster than its European counterparts – a finding that will no doubt hearten those who believe Brexit will liberate the UK from EU rules and allow it to grow on its own strengths.
The Times piece suggests that “assuming there is an orderly Brexit at the end of the month, and a gradual transition to a new relationship with the bloc, growth would accelerate from 1.3 per cent last year to 1.4 per cent this year and 1.5 per cent in 2021,” it said.” The IMF suggested the euro area would see economic growth of 1.3 per cent in 2020 and 1.4 per cent in 2021.
Meanwhile, accounting firm PwC rated the UK as the fourth most important territory for growth, after the United States, China, and Germany. Its chairman, Bob Moritz, said: “When you look at the UK specifically . . . you have got a little bit more certainty.”
And of course, businesses want and need that certainty. The UK’s long goodbye from Europe has done little to inspire confidence among business bodies or their members, but the signs are such that by delivering a clearer sense of how the two will work together post-Brexit
So what does this mean for companies looking to set up in the UK? Well, firstly, they will find a more confident and positive market for their goods and services as businesses (and indeed consumers) put Brexit behind them and focus on making a success of the new reality.
They will also see that despite the millions of column inches spilled on the Brexit debate, most observers agree that the fundamentals remain the same: good businesses led by good people with good products and services will continue to thrive.
And finally they may find that the regulatory regime that governs general business law – employment, tax, reporting, etc – will shortly begin to change as the gaps between UK and EU law becomes wider. And that, in turn, means the value of good advice has never been higher.
At Paul Beare Ltd we are ideally placed to help you navigate the twists and turns of the UK’s business landscape. Whether it’s registering for a bank account, enrolling employees into company pension schemes or taking the strain of your accounting needs, our experience with growing businesses in the UK is second to none.
So, if you’re ready to take the plunge and tap into what could be a great year ahead, then get in touch.