• Swindon & Wiltshire News
• Friday May 12 2023
• Author Name: Peter Davison

South West businesses believe in Brand Britain, Grant Thornton survey finds

Mid-market businesses in the South West confirm that they are confident in the international appeal of British products and services, according to a survey by accounting giant Grant Thornton.

In Grant Thornton UK LLP’s latest Business Outlook Tracker survey, almost four out of every five business leaders in the South West (79 per cent) said that Brand Britain is helpful to UK firms when trading internationally.

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. Seventy one per cent 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 was markedly higher in the South West compared to the national average, which was 66 per cent. Seventy per cent of the region’s business leaders believe the South West has an effective and consistent strategy to attract global investments.

Alongside notable events and regional strategies, domestic politics have inevitably influenced how the UK is viewed in other countries. When questioned about the impact of Brexit, almost two thirds (63 per cent) agreed that it had strengthened Brand Britain, while only seven per cent disagreed.

The positive view of British products and services aligns with the fact that businesses have international growth high on their agenda. Eighty six per cent of respondents in the South West said they would invest either more or the same in international growth over the next six months. This makes international growth the joint third highest investment priority for South West businesses following employee reward and benefits, and R&D.

Jonathan Riley, practice leader for Grant Thornton UK LLP in the South West, said: “The appeal of Brand Britain has always been strong and it’s great to see that South West 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.”