As the UK increasingly looks abroad for trade deals and investment opportunities, mid-market businesses in the East Midlands confirm that they are confident in the international appeal of British products and services.
In Grant Thornton’s latest Business Outlook Tracker survey, three quarters of the business leaders in the East Midlands (75%) said that Brand Britain is helpful to UK firms when trading internationally.
This confidence in the nation’s overseas perception was markedly higher in the East Midlands compared to the national average of 66%. This may be explained by the fact that 75% of the region’s business leaders believe the East Midlands 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. 71% agreed that events such as this week’s Eurovision have given Brand Britain a global boost.
Alongside notable events and regional strategies, domestic politics has influenced how the UK is viewed in other countries. When questioned about the impact of Brexit, almost three quarters (73%) agreed that it had strengthened Brand Britain and only 14% disagreed.
The positive view of Brand Britain aligns with the fact that businesses have international growth high on their agenda. In the survey, 76% of respondents in the East Midlands said they would invest either more or the same in international growth over the next six months.
James Brown, Managing Partner in the East & Central region at Grant Thornton UK LLP, said: “The appeal of Brand Britain has always been strong and it’s great to see that East Midlands 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.
“It’s also really exciting that Nottingham and Derby may be home to one of the government’s proposed new investment zones, which could be pivotal in boosting productivity and growth and helping our region build its international reputation further.
“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.”
